<PAGE> 1
April 18, 1995
Dear Fellow Shareholder:
I am pleased to provide to you the semiannual report for Heritage Cash
Trust-Money Market Fund for the six-month period ended February 28, 1995. Your
Fund's assets increased by approximately $100 million during this period to a
total of $1.081 billion.
Yields on money market securities continued to increase during the six-month
reporting period in response to the actions of the Federal Reserve Board. The
seven-day effective yield for your Fund was 5.49% on February 28, compared to
3.98% on August 31, 1994, and 2.53% a year ago. In the weeks since the end of
the reporting period, rates have remained relatively unchanged, with the
seven-day effective yield standing at 5.50% as of the date of this letter.
As we mentioned a year ago, money market funds normally are among the best
performing categories of fixed income funds in a rising interest rate
environment. Last year certainly was no exception as most fixed income funds
actually lost money for the first time in a number of years. Investors in money
market funds such as yours generally fared better as their net asset values
remained stable and yields on their funds increased. Over the past year, your
Fund has maintained a shorter average portfolio maturity than most other money
market funds. This strategy has allowed the yield on your Fund to respond more
quickly to increasing interest rates. Your Fund's average maturity continues to
remain short relative to the industry averages in anticipation of what we
believe may be a further interest rate increase at the Federal Open Market
Committee meeting in May.
At Heritage Cash Trust-Money Market Fund, we take a conservative approach to
investing your portfolio. Your Fund continues to maintain a AAAm rating from
Standard & Poor's Ratings Group reflecting our adherence to even more
restrictive criteria on our credit quality and average portfolio maturity than
required by the Securities and Exchange Commission rules. We also continue to
offer you a number of convenient features such as free checks, free unlimited
checkwriting with a $100 minimum per check, monthly statements that may be
consolidated with your brokerage accounts and daily sweeps of cash to and from
your brokerage accounts to help facilitate your other investment needs. With
respect to this last point, you should be aware that beginning in June 1995, you
will be required to settle securities trades with your brokerage firm within
three business days rather than the current requirement of five business days.
This new "T+3" requirement may make the use of a holding place for your cash
which is coordinated with your brokerage activity even more important. Please
call your account executive or financial advisor -- or call us at
800/421-4184 -- if you have any questions about these features.
Thank you for your continuing investment in Heritage Cash Trust-Money Market
Fund. We look forward to serving your investment needs for years to come.
Sincerely,
Stephen G. Hill
President
<PAGE> 2
- - --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MONEY MARKET FUND
STATEMENT OF NET ASSETS
FEBRUARY 28, 1995
(UNAUDITED)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REPURCHASE AGREEMENT -- 7.1%(A) VALUE
- - ------------------------------------------------------------------------------------------------------------- --------------
<S> <C>
Repurchase Agreement with State Street Bank and Trust Company, dated February 28, 1995, @ 6.0%, to be
repurchased at $77,267,876 on March 1, 1995, collateralized by $75,865,000 United States Treasury Notes,
7.5%, due October 21, 1999 (market value $79,024,324, including interest) (cost $77,255,000)................ $ 77,255,000
--------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL FINAL
AMOUNT MATURITY DATE(S)
---------- -----------------
<S> <C> <C>
COMMERCIAL PAPER--83.6%(a)
- - --------------------------
DOMESTIC--69.7%
---------------
BANKING--.9%
------------
$10,000,000 Morgan (J.P.) & Co., Inc. 5.93%............................... 03/09/95 9,986,822
--------------
BEVERAGES--7.4%
---------------
40,000,000 Coca-Cola Company, 6.0%-6.1%.................................. 04/6/95-05/30/95 39,533,500
40,000,000 PepsiCo, Inc., 5.95%.......................................... 03/06/95 39,964,465
--------------
79,497,965
--------------
BREWING--2.2%
-------------
24,000,000 Anheuser-Busch Companies, Inc., 5.99%......................... 04/19/95 23,804,327
--------------
COMPUTER/OFFICE EQUIPMENT--6.3%
-------------------------------
37,800,000 Hewlett-Packard Company, 5.9%................................. 03/16/95-03/17/95 37,704,944
30,000,000 Pitney Bowes, Inc., 5.95%..................................... 03/21/95-03/23/95 29,895,875
--------------
67,600,819
--------------
CONGLOMERATES--0.9%
-------------------
10,000,000 Raytheon Company, 5.93%....................................... 03/14/95 9,978,586
--------------
CORPORATE FINANCE--9.2%
-----------------------
40,000,000 Ciesco, L.P., 5.98%-6.03%..................................... 03/21/95-04/20/95 39,703,333
40,000,000 Corporate Asset Funding Corporation, 5.98%-6.0%............... 04/12/95-04/27/95 39,665,217
20,000,000 General Electric Capital Corporation, 5.94%................... 03/20/95 19,937,300
--------------
99,305,850
--------------
DRUGS--5.4%
-----------
40,000,000 Abbott Laboratories, 6.17%.................................... 03/27/95 39,821,756
18,500,000 Pfizer, Inc., 5.93%........................................... 03/17/95 18,451,242
--------------
58,272,998
--------------
ELECTRONICS--6.0%
-----------------
40,000,000 Emerson Electric, 5.92%-6.0%.................................. 03/09/95-05/09/95 39,641,844
25,000,000 Motorola Credit Corporation, 5.93%............................ 03/09/95 24,967,056
--------------
64,608,900
--------------
FOOD--4.6%
----------
10,000,000 Cargill, Inc., 6.08%.......................................... 06/23/95 9,807,467
40,000,000 Sara Lee Corporation, 5.9%.................................... 03/08/95 39,954,111
--------------
49,761,578
--------------
HOUSEHOLD PRODUCTS--3.4%
------------------------
37,000,000 Procter & Gamble Company, 6.18%............................... 03/20/95 36,879,318
--------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
2
<PAGE> 3
- - --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MONEY MARKET FUND
STATEMENT OF NET ASSETS
FEBRUARY 28, 1995
(UNAUDITED)
(CONTINUED)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL FINAL
AMOUNT MATURITY DATE(S) VALUE
--------- ----------------- --------------
<C> <S> <C> <C>
OIL & GAS--6.8%
---------------
$13,725,000 Chevron Oil Finance Company, 6.0%............................. 04/17/95 $ 13,617,488
20,000,000 Exxon Asset Management Co., 5.92%............................. 03/17/95 19,947,378
40,000,000 Shell Oil Corporation, 5.90%.................................. 03/20/95 39,875,444
--------------
73,440,310
--------------
RETAIL--3.7%
------------
40,000,000 Melville Corporation, 6.09%................................... 03/21/95 39,864,667
--------------
SECURITIES--.8%
---------------
9,000,000 Morgan Stanley Group, Inc., 6.12%............................. 03/10/95 8,986,230
--------------
TELEPHONE/UTILITIES--8.5%
-------------------------
40,000,000 AT&T Corporation, 6.15%....................................... 04/06/95 39,754,000
4,000,000 Bell Atlantic Network Funding, 5.93%.......................... 03/21/95 3,986,822
38,300,000 BellSouth Capital Funding Corp, 6.12%-6.13%................... 03/13/95-05/04/95 38,027,970
10,000,000 Southwestern Bell Telephone, 5.98%............................ 03/16/95 9,975,083
--------------
91,743,875
--------------
TOBACCO/FOOD--3.7%
------------------
40,000,000 Philip Morris Companies, 5.98%-6.05%.......................... 04/03/95-05/24/95 39,525,942
--------------
Total Domestic Commercial Paper............................... 753,258,187
--------------
FOREIGN--14.0%(b)
-----------------
CONSUMER FINANCE--0.9%
----------------------
10,000,000 Daimler-Benz North America Corporation, 6.0%.................. 04/28/95 9,903,333
--------------
CORPORATE FINANCE--5.6%
-----------------------
40,000,000 Canadian Wheat Board, 5.97%-6.22%............................. 04/04/95-06/27/95 39,521,108
15,000,000 Export Development Corp, 5.95%................................ 05/24/95 14,791,750
6,650,000 Province of Alberta, 5.85%.................................... 03/07/95 6,643,516
--------------
60,956,374
--------------
ELECTRIC UTILITIES--2.8%
------------------------
31,000,000 Ontario Hydro, 6.05%.......................................... 05/30/95 30,531,125
--------------
ELECTRONICS--0.9%
-----------------
10,000,000 Siemens Corporation, 5.93%.................................... 03/22/95 9,965,408
--------------
FOOD--3.7%
----------
40,000,000 Nestle Capital Corporation, 5.93%............................. 03/14/95-03/27/95 39,852,244
--------------
Total Foreign Commercial Paper................................ 151,208,484
--------------
Total Commercial Paper (cost $825,098,121).................... 904,466,671
--------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE> 4
- - --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MONEY MARKET FUND
STATEMENT OF NET ASSETS
FEBRUARY 28, 1995
(UNAUDITED)
(CONTINUED)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL FINAL
AMOUNT MATURITY DATE(S) VALUE
--------- ----------------- --------------
<C> <S> <C> <C>
U.S. GOVERNMENT AGENCY SECURITIES--9.3%(a)
- - ------------------------------------------
$ 2,500,000 Agency for International Development - Botswana, 6.58%(d)..... 10/01/12 $ 2,515,102
5,000,000 Agency for International Development - CABEI, 6.58%(d)........ 10/01/12 5,030,203
21,381,469 Agency for International Development - Jamaica, 6.93%(d)...... 03/30/19 21,381,469
12,162,500 Agency for International Development - Sri Lanka, 6.70%(d).... 06/15/12 12,253,153
40,000,000 Federal Home Loan Mortgage Corporation, 5.92%................. 04/04/95 39,776,356
20,000,000 Federal National Mortgage Association, 6.1%................... 03/08/95 19,976,278
--------------
Total U.S. Government Agency Securities ($100,932,561)........ 100,932,561
--------------
TOTAL INVESTMENTS (cost $1,082,654,232)(c), 100.1%(a).................................... 1,082,654,232
OTHER ASSETS & LIABILITIES, net, 0.1%(a)................................................. (1,272,659)
--------------
NET ASSETS (net asset value, offering and redemption price of $1.00 per share divided by
1,081,451,949 shares outstanding), consisting of paid-in-capital net of accumulated net
realized loss of $70,376, 100.00%....................................................... $1,081,381,573
================
</TABLE>
- - ---------------
(a) Percentages are based on net assets.
(b) U.S. Dollar denominated.
(c) The aggregate identified cost for federal income tax purposes is the same.
(d) Floating rate notes.
The accompanying notes are an integral part of the financial statements.
4
<PAGE> 5
- - --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MONEY MARKET FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTH PERIOD ENDED FEBRUARY 28, 1995
(UNAUDITED)
- - --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Investment Income:
- - ------------------
Interest................................................................................. $27,967,326
Expenses (Notes 1 and 4):
Management fee......................................................................... 2,476,149
Distribution fee....................................................................... 763,435
Shareholder servicing.................................................................. 658,035
Federal and state registration expenses................................................ 97,343
Reports to shareholders................................................................ 74,739
Custodian/Fund Accounting fees......................................................... 61,272
Professional fees...................................................................... 21,602
Insurance.............................................................................. 19,987
Trustees' fees and expenses............................................................ 5,336
Other.................................................................................. 12,700
----------
Total expenses before waiver..................................................... 4,190,598
Fees waived by Manager (Note 4)........................................................ (169,843) 4,020,755
---------- -----------
Net investment income.................................................................... 23,946,571
Realized Loss on Investments
- - ----------------------------
Net realized loss from investment transactions........................................... (70,376)
-----------
Net increase in net assets resulting from operations..................................... $23,876,195
==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE> 6
- - --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MONEY MARKET FUND
STATEMENTS OF CHANGES IN NET ASSETS
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE SIX MONTH
PERIOD ENDED FOR THE
FEBRUARY 28, 1995 YEAR ENDED
(UNAUDITED) AUGUST 31, 1994
----------------- ---------------
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income....................................................... $ 23,946,571 $ 28,081,361
Net realized loss from investment transactions.............................. (70,376) (15,719)
----------------- ---------------
Net increase in net assets resulting from operations.......................... 23,876,195 28,065,642
Distributions to shareholders from net investment income ($.023 and $.029 per
share, respectively)........................................................ (23,946,571) (28,065,642)
Increase in net assets from Fund share transactions (Note 2).................. 99,833,339 56,392,416
----------------- ---------------
Increase in net assets........................................................ 99,762,963 56,392,416
Net assets, beginning of period............................................... 981,618,610 925,226,194
----------------- ---------------
Net assets, end of period..................................................... $ 1,081,381,573 $ 981,618,610
================= ==============
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE> 7
- - --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
- - --------------------------------------------------------------------------------
The following table includes selected data for a share outstanding throughout
each period and other performance information derived from the financial
statements.
<TABLE>
<CAPTION>
FOR THE
SIX MONTH
PERIOD ENDED
FEBRUARY 28, FOR THE YEARS ENDED AUGUST 31,
1995 --------------------------------------------------------------------------------------
(UNAUDITED) 1994 1993 1992 1991 1990 1989 1988 1987 1986+
------------ ------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF
PERIOD............... $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income
(a)................ .023(b) .029(b) .025(b) .038(b) .063 .077 .084 .065 .054(b) .050(b)
LESS DISTRIBUTIONS:
Dividends from net
investment income
and net realized
gains (a).......... (.023) (.029) (.025) (.038) (.063) (.077) (.084) (.065) (.054) (.050)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF
PERIOD............... $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000
============ ====== ====== ====== ====== ====== ====== ====== ====== ======
TOTAL RETURN %......... 2.33(d) 2.87 2.48 3.77 6.27 7.73 8.38 6.46 5.43 5.05(d)
RATIOS TO AVERAGE DAILY
NET ASSETS (%)/
SUPPLEMENTAL DATA:
Operating expenses,
net................ .79(b)(c) .79(b) .78(b) .78(b) .79 .81 .90 .94 1.00(b) 1.00(b)(c)
Net investment
income............. 4.71(b)(c) 2.87(b) 2.47(b) 3.75(b) 6.20 7.73 8.51 6.47 5.45(b) 6.56(b)(c)
Net assets at end
of period
($ millions)....... 1,081 982 925 953 890 727 475 230 153 139
</TABLE>
- - ---------------
+ For the period November 25, 1985 (commencement of operations) to August 31,
1986.
(a) Includes net realized gains (losses) which were less than ($.001), ($.001),
$.001, $.001, $.001, ($.001), $.001, $.001, ($.001) and less than $.003 per
share, respectively.
(b) Excludes management fees waived by the Manager in the amount of less than
$.001, $.001, $.001, $.001, $.001 and of $.001 per share, respectively. The
operating expense ratios including such items would be .82% (annualized),
.81%, .81%, .78%, 1.01% and 1.12% (annualized), respectively.
(c) Annualized.
(d) Not annualized.
7
<PAGE> 8
- - --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
- - --------------------------------------------------------------------------------
Note 1: SIGNIFICANT ACCOUNTING POLICIES. Heritage Cash Trust (the "Trust") is
organized as a Massachusetts business trust and is registered under the
Investment Company Act of 1940, as amended, as a no-load, diversified,
open-end management investment company consisting of two separate
investment portfolios, the Money Market Fund (the "Fund") and the
Municipal Money Market Fund. The Fund is designed for investors who wish
to participate in a supervised portfolio of debt securities with
maturities of not more than 397 days. The policies described below are
followed consistently by the Fund in the preparation of its financial
statements in conformity with generally accepted accounting principles.
Security Valuation: The Fund uses the amortized cost method of security
valuation (as set forth in Rule 2a-7 under the Investment Company Act of
1940, as amended). The amortized cost of an instrument is determined by
valuing it at cost at the time of purchase and thereafter
accreting/amortizing any purchase discount/premium at a constant rate
until maturity, regardless of the effect of fluctuating interest rates
on the value of the instrument.
Repurchase Agreements: The Fund enters into repurchase agreements
whereby the Fund, through its custodian, receives delivery of the
underlying securities, the market value of which at the time of purchase
is required to be in an amount equal to at least 100% of the resale
price.
Federal Income Taxes: The Fund is treated as a single corporate taxpayer
as provided for in The Tax Reform Act of 1986, as amended. The Fund's
policy is to comply with the requirements of the Internal Revenue Code
of 1986, as amended, which are applicable to regulated investment
companies and to distribute substantially all of its taxable income to
its shareholders. Accordingly, no provision has been made for federal
income and excise taxes.
Distribution of Income and Gains: Distributions from net investment
income and net realized gains available for distribution are declared
daily and paid monthly. The Fund uses the identified cost method for
determining realized gain or loss on investments for both financial and
federal income tax reporting purposes.
State Registration Expenses: State registration fees are amortized based
either on the time period covered by the registration or as related
shares are sold, whichever is appropriate for each state.
Other: Investment transactions are recorded on a trade date basis which
is generally the same as settlement date. Interest income is recorded on
the accrual basis.
Capital Accounts: The Fund reports the undistributed net investment
income and accumulated net realized gain (loss) accounts on a basis
approximating amounts available for future tax distributions (or to
offset future taxable realized gains when a capital loss carryforward is
available). Accordingly, the Fund may periodically make
reclassifications among certain capital accounts without impacting the
net asset value of the Fund.
Note 2: FUND SHARES. At February 28, 1995, there was an unlimited number of
shares of beneficial interest of no par value authorized. Transactions
in shares of the Fund during the six month period ended February 28,
1995 and the year ended August 31, 1994, at a constant net asset value
of $1.00 per share, were as follows:
<TABLE>
<CAPTION>
FOR THE SIX MONTH
PERIOD ENDED FOR THE
FEBRUARY 28, 1995 YEAR ENDED
(UNAUDITED) AUGUST 31, 1994
----------------- ---------------
<S> <C> <C>
Shares sold.......................................................... 2,183,867,853 4,411,598,439
Shares issued in reinvestments of distributions...................... 23,710,120 25,524,876
Shares redeemed...................................................... (2,107,744,634) (4,380,730,899)
----------------- ---------------
Net increase....................................................... 99,833,339 56,392,416
Shares outstanding:
Beginning of period................................................ 981,618,610 925,226,194
----------------- ---------------
End of period...................................................... 1,081,451,949 981,618,610
================= ==============
</TABLE>
Note 3: PURCHASES, SALES AND MATURITIES OF SECURITIES. For the six month period
ended February 28, 1995, purchases, sales and maturities of short-term
investment securities aggregated $9,977,054,758, $44,934,131 and
$9,859,225,000, respectively.
8
<PAGE> 9
- - --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
- - --------------------------------------------------------------------------------
Note 4: MANAGEMENT, DISTRIBUTION, SHAREHOLDER SERVICING AGENT AND TRUSTEES'
FEES. Under the Fund's Investment Advisory and Administration Agreement
with Heritage Asset Management, Inc. (the "Manager"), the Fund agrees to
pay to the Manager for investment advice, portfolio management services
(including the placement of brokerage orders), and certain compliance
and administrative services a fee equal to an annual rate of 0.50% of
the first $500,000,000 of the Fund's average daily net assets, 0.475% of
the next $500,000,000, 0.45% of the next $500,000,000, 0.425% of the
next $500,000,000, and 0.40% of any excess over $2,000,000,000 of such
net assets, computed daily and payable monthly. The annualized effective
management fee rate for the six month period ended February 28, 1995 was
.49%. The amount payable to the Manager as of February 28, 1995 was
$194,734. The agreement also provides for a reduction in such fees in
any year to the extent that operating expenses of the Fund exceed
applicable state expense limitations. Effective January 1, 1993, the
Manager voluntarily agreed to waive its fees and, if necessary,
reimburse the Fund to the extent that the Fund's annual operating
expenses exceeded .79%, on an annual basis, of the Fund's average daily
net assets. Under these arrangements, management fees of $169,438 ($.001
per share) were waived during the six month period ended February 28,
1995. If total Fund expenses fall below the expense limitation agreed to
by the Manager before the year ending August 31, 1997, the Fund may be
required to pay the Manager a portion or all of the waived management
fee. In addition, the Fund may be required to pay the Manager a portion
or all of the management fees waived ($193,112, for the year ended
August 31, 1993) ($207,108, for the year ended August 31, 1994) if total
Fund expenses fall below the annual expense limitation before the end of
the years ending August 31, 1995 and 1996, respectively.
The Manager is also the Dividend Paying and Shareholder Servicing Agent
for the Fund. The amount payable to the Manager for such expenses as of
February 28, 1995 was $220,092. In addition, the Manager performs Fund
Accounting services for the Fund and charged $18,223 during the current
period of which $6,000 was payable as of February 28, 1995.
Pursuant to a plan adopted in accordance with Rule 12b-1 of the
Investment Company Act of 1940, as amended, the Fund pays Raymond James
& Associates, Inc. (the "Distributor") a fee equal to 0.15% of average
daily net assets for the services it provides in connection with the
promotion and distribution of Fund shares. Such fee is accrued daily and
payable monthly. The amount payable to the Distributor as of February
28, 1995 was $123,894. The Manager, the Distributor and the Shareholder
Servicing Agent are all wholly-owned subsidiaries of Raymond James
Financial, Inc.
Trustees of the Trust also serve as Trustees for Heritage Capital
Appreciation Trust, Heritage Income-Growth Trust, Heritage Income Trust,
Heritage Series Trust and Heritage U.S. Government Income Fund, mutual
funds which are also advised by the Manager (collectively referred to as
the Heritage mutual funds). Each Trustee of the Heritage mutual funds
who is not an interested person of the Manager receives an annual fee of
$8,000 and an additional fee of $2,000 for each combined quarterly
meeting of the Heritage mutual funds attended. Trustees' fees and
expenses are shared equally by each of the Heritage mutual funds.
9
<PAGE> 10
HERITAGE CASH TRUST-MONEY MARKET FUND is a member of the Heritage family of
mutual funds. Other investment alternatives managed by Heritage include:
- HERITAGE CASH TRUST
MUNICIPAL MONEY MARKET FUND
- HERITAGE CAPITAL APPRECIATION TRUST
- HERITAGE INCOME-GROWTH TRUST
- HERITAGE INCOME TRUST
DIVERSIFIED PORTFOLIO
LIMITED MATURITY GOVERNMENT PORTFOLIO
INSTITUTIONAL GOVERNMENT PORTFOLIO
- HERITAGE SERIES TRUST
SMALL CAP STOCK FUND
VALUE EQUITY FUND
- HERITAGE U.S. GOVERNMENT INCOME FUND
(A CLOSED-END FUND THAT TRADES ON THE
NEW YORK STOCK EXCHANGE)
We are pleased that many of you are also investors in these funds. For
information and a prospectus for any of these funds, please contact your account
executive. Please read the Prospectus carefully before you invest in any of the
funds.
10
<PAGE> 11
This page is intentionally left blank.
<PAGE> 12
<TABLE>
<CAPTION>
[LOGO]
HERITAGE
--------------
CASH TRUST(TM)
--------------
MONEY MARKET FUND
<S> <C>
A money market fund
------------------------------------
seeking high current income
------------------------------------
consistent with liquidity
------------------------------------
and preservation of capital
------------------------------------
SEMIANNUAL REPORT
(Unaudited) and Investment
Performance Review for the
Six Month Period Ended
FEBRUARY 28, 1995
A member of the
Heritage Family of Mutual Funds(TM)
</TABLE>
<TABLE>
<S> <C>
Heritage Cash Trust-Money Market Fund -----------------
P.O. Box 33022 BULK RATE
St. Petersburg, FL 33733 U.S. POSTAGE
- - --------------------------------------- PAID
PERMIT NO. 39
Address Change Requested ATLANTA, GA
-----------------
Semiannual Report
INVESTMENT ADVISOR/
SHAREHOLDER SERVICING AGENT
Heritage Asset Management, Inc.
P.O. Box 33022
St. Petersburg, FL 33733
(800) 421-4184
DISTRIBUTOR
Raymond James & Associates, Inc.
P.O. Box 12749
St. Petersburg, FL 33733
(813) 573-3800
LEGAL COUNSEL
Kirkpatrick & Lockhart
This report is for the information of shareholders of
Heritage Cash Trust-Money Market Fund. It may also be used as
sales literature when preceded or accompanied by a prospectus.
55M 4/95 HAM008
</TABLE>
