<PAGE> 1
April 16, 1996
Dear Fellow Shareholders:
I am pleased to provide you with the semiannual report for Heritage Cash
Trust-Money Market Fund (the "Fund") for the six month period ended February 29,
1996. During this period, the net assets of your Fund increased by approximately
$260 million to $1.56 billion.
During the past six months the Federal Reserve Board has lowered the
discount rate on two occasions by a combined total of 0.50%. This action has
helped to lower most other short-term interest rates, including those on
short-term money market securities such as those that are the principal
investments of your fund. At the end of February 1996, the seven-day effective
yield for your Fund stood at 4.71%, down from 5.12% six months earlier. We do
not expect the Federal Reserve Board to take any actions to cause short-term
rates to either increase or decrease significantly over the next several months.
We continue to take a very conservative approach to investing the assets of
your Fund. Your Fund continues to maintain a AAAm rating from Standard & Poor's
reflecting the fact that our credit quality and average maturity criteria are
even more restrictive than those required by the Securities and Exchange
Commission. We also continue to provide you with a wide range of convenient
features, including free checks, free unlimited checkwriting with a $100 minimum
per check and daily sweeps of all cash to and from your brokerage account. In
June 1995, the time period to settle securities trades with your brokerage firm
decreased from five to three days. These new "T+3" rules make the use of a cash
holding place such as Heritage Cash Trust even more important to help facilitate
any transactions in your brokerage accounts.
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,
/s/ Stephen G. Hill
Stephen G. Hill
President
<PAGE> 2
- --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MONEY MARKET FUND
STATEMENT OF NET ASSETS
FEBRUARY 29, 1996
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL FINAL
AMOUNT MATURITY DATE(S) VALUE
- -------------------- ---------------- -------------
<C> <S> <C> <C>
COMMERCIAL PAPER--87.9%(A)
DOMESTIC--72.3%
BANKING--0.6%
$10,000,000 Wachovia Bank of North Carolina, Bank Note, 5.15%............. 04/17/96 $ 10,000,000
--------------
BEVERAGES--5.5%
50,000,000 The Coca-Cola Company, 5.05%-5.15%............................ 04/11/96-04/24/96 49,672,542
35,100,000 PepsiCo, Inc., 5.18%-5.35%.................................... 03/11/96-03/14/96 35,047,473
--------------
84,720,015
--------------
BREWING--0.7%
10,070,000 Anheuser-Busch Companies, Inc., 5.40%......................... 03/01/96 10,070,000
--------------
CHEMICALS--3.8%
50,000,000 E.I. du Pont de Nemours & Company, 5.12%-5.53%................ 03/22/96-04/12/96 49,781,338
10,000,000 Monsanto Company, 5.37%-5.45%................................. 03/25/96-03/26/96 9,963,176
--------------
59,744,514
--------------
COMPUTER/OFFICE EQUIPMENT--1.5%
15,500,000 Hewlett-Packard Company, 5.05%................................ 05/17/96 15,332,578
7,300,000 Xerox Corporation, 5.37%...................................... 03/08/96 7,292,378
--------------
22,624,956
--------------
CONGLOMERATES--3.2%
50,000,000 Raytheon Company, 5.19%....................................... 03/08/96 49,949,542
--------------
CORPORATE FINANCE--9.3%
50,000,000 Ciesco, L.P., 5.30%-5.35%..................................... 03/22/96-04/11/96 49,782,892
50,000,000 Corporate Asset Funding Corporation, 5.13%-5.38%.............. 03/21/96-05/03/96 49,741,422
40,000,000 General Electric Capital Corporation, 5.05%-5.57%............. 03/05/96-05/01/96 39,756,947
5,806,040 Navistar Financial Owner Trust 1995B A1, 5.75%................ 11/15/96 5,806,031
--------------
145,087,292
--------------
DRUGS--3.9%
50,000,000 Eli Lilly & Company, 4.83%-5.58%.............................. 03/18/96-08/13/96 49,457,287
10,850,000 Schering Corporation, 5.05%-5.30%............................. 03/29/96-05/02/96 10,791,549
--------------
60,248,836
--------------
ELECTRONICS--1.5%
22,990,000 Motorola, Inc., 5.18%-5.30%................................... 03/11/96-03/22/96 22,943,774
--------------
FOOD--11.8%
50,000,000 Cargill, Inc., 5.05%-5.35%.................................... 04/04/96-05/01/96 49,607,666
49,989,000 H.J. Heinz Company, 5.10%-5.20%............................... 03/06/96-04/26/96 49,813,583
35,000,000 Kellogg Company, 5.0%-5.09%................................... 04/08/96-05/31/96 34,664,814
50,000,000 Sara Lee Corporation, 5.36%................................... 03/28/96 49,799,188
--------------
183,885,251
--------------
HOUSEHOLD PRODUCTS--2.8%
44,725,000 The Procter & Gamble Company, 5.02%-5.05%..................... 05/02/96-06/14/96 44,253,059
--------------
</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 29, 1996
(UNAUDITED)
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL FINAL
AMOUNT MATURITY DATE(S) VALUE
- ------------------------ ----------------- --------------
<C> <S> <C> <C>
OIL & GAS--9.6%
$40,000,000 Amoco Corporation, 5.20%...................................... 04/08/96 $ 39,780,444
10,000,000 Atlantic Richfield Company, 5.38%............................. 03/08/96 9,989,539
35,000,000 Chevron UK Investment PLC. 5.10%-5.60%........................ 03/21/96-06/27/96 34,753,111
15,000,000 Chevron Oil Finance Company, 5.40%............................ 03/04/96 14,993,250
50,000,000 Shell Oil Company, 5.09%-5.35%................................ 03/08/96-03/29/96 49,875,021
--------------
149,391,365
--------------
PUBLISHING--4.3%
49,915,000 Knight-Ridder, Inc., 5.02%-5.13%.............................. 04/25/96-05/14/96 49,461,533
16,880,000 The McGraw-Hill Companies, Inc., 5.05%-5.33%.................. 04/11/96-05/07/96 16,759,228
--------------
66,220,761
--------------
PAPER--1.5%
24,235,000 Kimberly-Clark Corporation, 5.16%-5.18%....................... 03/20/96-03/28/96 24,162,919
--------------
TELECOMMUNICATIONS--9.1%
10,000,000 Ameritech Capital Funding Corporation, 5.04%.................. 05/15/96 9,895,000
40,000,000 Ameritech Corporation, 5.05%.................................. 04/16/96 39,741,889
49,800,000 AT&T Corporation, 4.97%-4.99%................................. 05/13/96-05/16/96 49,278,716
43,400,000 Southwestern Bell Telephone Company, 5.17%-5.32%.............. 03/07/96-05/07/96 43,174,413
--------------
142,090,018
--------------
TRANSPORTATION--3.2%
50,000,000 United Parcel Service of America, Inc., 4.98%-5.10%........... 04/12/96-06/07/96 49,564,102
--------------
Total Domestic Commercial Paper............................... 1,124,956,404
--------------
FOREIGN--15.6%(B)
DRUGS--2.2%
34,800,000 SmithKline Beecham Corporation, 5.30%......................... 03/15/96 34,728,273
--------------
FOOD--4.5%
20,000,000 Nestle Capital Corporation, 5.08%-5.11%....................... 04/12/96-07/15/96 19,748,472
50,000,000 Unilever Capital Corporation, 5.20%-5.32%..................... 04/26/96-05/03/96 49,583,267
--------------
69,331,739
--------------
ELECTRONICS--2.9%
46,000,000 Siemens Corporation, 5.37%-5.38%.............................. 03/08/96-03/11/96 45,936,853
--------------
PUBLIC FINANCE--5.7%
5,000,000 The Canadian Wheat Board, 5.21%............................... 06/04/96 4,931,257
45,000,000 Export Development Corporation, 5.40%......................... 03/01/96 45,000,000
39,475,000 Province of Alberta, 5.28%-5.36%.............................. 03/12/96-04/17/96 39,331,498
--------------
89,262,755
--------------
UTILITIES--0.3%
4,000,000 Ontario Hydro, 5.33%.......................................... 04/15/96 3,973,350
--------------
Total Foreign Commercial Paper................................ 243,232,970
--------------
Total Commercial Paper (cost $1,368,189,374).................. 1,368,189,374
--------------
</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 29, 1996
(UNAUDITED)
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL FINAL
AMOUNT MATURITY DATE(S) VALUE
- ------------------------ ----------------- --------------
<C> <S> <C> <C>
CERTIFICATE OF DEPOSIT--0.6%(A)
$10,000,000 Wachovia Bank of Georgia, 5.25%............................... 03/22/96 $ 10,000,000
--------------
Total Certificate of Deposit (cost $10,000,000)............... 10,000,000
--------------
U.S. GOVERNMENT AGENCY SECURITIES--13.4%(A)
21,381,469 Agency for International Development - Jamaica, 5.74%(d)...... 03/30/19 21,381,469
11,467,500 Agency for International Development - Sri Lanka, 5.43%(d).... 06/15/12 11,515,643
32,000,000 Federal Home Loan Bank, 4.85%-5.39%........................... 04/15/96-07/16/96 31,655,031
50,000,000 Federal Home Loan Mortgage Corporation, 4.93%-6.01%........... 05/13/96-06/21/96 49,532,292
50,000,000 Federal National Mortgage Association, 5.15%-5.97%............ 05/16/96-06/27/96 49,493,022
10,000,000 U.S. Treasury Note, 7.50%..................................... 01/31/97 10,200,964
10,000,000 U.S. Treasury Note, 8.0%...................................... 01/15/97 10,240,854
25,000,000 U.S. Treasury Bill, 5.0%...................................... 07/05/96 24,562,500
--------------
Total U.S. Government Securities (cost $208,581,775).......... 208,581,775
--------------
REPURCHASE AGREEMENT--0.9%(A)
Repurchase Agreement with State Street Bank and Trust Company, dated February 29, 1996, @
5.28%, to be repurchased at $13,361,959 on March 1, 1996, collateralized by $12,855,000
United States Treasury Notes, 7.50%, due October 31, 1999 (market value $13,947,432,
including interest) (cost $13,360,000)................................................... 13,360,000
--------------
TOTAL INVESTMENTS (cost $1,600,131,149)(c), 102.8%(a).................................... 1,600,131,149
OTHER ASSETS & LIABILITIES, net, (2.8%)(a)............................................... (44,349,139)
--------------
NET ASSETS (net asset value, offering and redemption price of $1.00 per share;
1,556,051,018 shares outstanding), consisting of paid-in-capital, net of accumulated net
realized loss of $269,008 100.00%....................................................... $1,555,782,010
================
CLASS A SHARES
NET ASSETS (net asset value, offering and redemption price of $1.00 per share;
1,556,046,850 shares outstanding), consisting of paid-in-capital net of accumulated net
realized loss of $269,008............................................................... $1,555,777,842
================
CLASS C SHARES
NET ASSETS (net asset value, offering and redemption price of $1.00 per share; 4,168
shares outstanding), consisting of paid-in-capital...................................... $4,168
================
</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, which reset on a weekly basis. Rates indicated are
rates as of February 29, 1996.
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 29, 1996
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Investment Income:
Interest................................................................................. $41,216,168
Expenses (Notes 1 and 4):
Management fee......................................................................... 3,415,705
Distribution fee....................................................................... 1,076,410
Shareholder servicing.................................................................. 769,092
Custodian/Fund Accounting fees......................................................... 98,172
Federal registration fees.............................................................. 90,358
Amortization of state registration expenses............................................ 87,617
Reports to shareholders................................................................ 42,771
Professional fees...................................................................... 22,918
Insurance.............................................................................. 12,846
Trustees' fees and expenses............................................................ 4,052
Other.................................................................................. 14,522
----------
Total expenses................................................................... 5,634,463
-----------
Net investment income and increase in net assets resulting from operations............... 35,581,705
==========
</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 29, 1996 YEAR ENDED
(UNAUDITED) AUGUST 31, 1995
----------------- ---------------
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income....................................................... $ 35,581,397 $ 56,296,383
Net realized gain (loss) from investment transactions....................... 308 (269,316 )
----------------- ---------------
Net increase in net assets resulting from operations.......................... 35,581,705 56,027,067
Distributions to shareholders from net investment income ($.025 and $.05 per
share, respectively)........................................................ (35,581,397) (56,296,383 )
Increase in net assets from Fund share transactions (Note 2).................. 262,041,981 312,390,427
----------------- ---------------
Increase in net assets........................................................ 262,042,289 312,121,111
Net assets, beginning of period............................................... 1,293,739,721 981,618,610
----------------- ---------------
Net assets, end of period..................................................... $ 1,555,782,010 $1,293,739,721
================= ==============
</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 CLASS A SHARES CLASS C
FEBRUARY 29, FOR THE YEARS ENDED AUGUST 31, SHARES
1996 -------------------------------------------------- -------
(UNAUDITED) 1995 1994 1993 1992 1991 1996+
------------ ------ ------ ------ ------ ------ -------
<S> <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
------ ------ ------ ------ ------ ------ -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (a)............... .025 .050(b) .029(b) .025(b) .038(b) .063 .000
LESS DISTRIBUTIONS:
Dividends from net investment income and
net realized gains (a)................ (.025) (.050) (.029) (.025) (.038) (.063) .000
------ ------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD............ $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000
====== ====== ====== ====== ====== ====== ======
TOTAL RETURN %............................ 2.47(d) 5.00 2.87 2.48 3.77 6.27 0.01(d)
RATIOS TO AVERAGE DAILY NET ASSETS (%)
/SUPPLEMENTAL DATA:
Operating expenses, net................. .79(c) .79(b) .79(b) .78(b) .78(b) .79 .79(c)
Net investment income................... 4.96(c) 5.00(b) 2.87(b) 2.47(b) 3.75(b) 6.20 4.74(c)
Net assets, end of period
($ millions)........................... 1,556 1,294 982 925 953 890 --
</TABLE>
- ---------------
+ For the period February 29, 1996 (commencement of Class C Shares) to
February 29, 1996.
(a) Includes net realized gains (losses) which were $.001 ($.001), ($.001),
$.001, $.001 and $.001, per share, respectively.
(b) Excludes management fees waived by the Manager in the amount of less than
$.001, $.001, $.001 and $.001 per share, respectively. The operating expense
ratios including such items would be .81%, .81%, .81% and .78%,
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 portfolio of debt securities with remaining
maturities of not more than 397 days. The Fund offers two classes of
shares, Class A and Class C Shares. Class C Shares may be acquired only
through exchanges of Class C Shares of other Heritage Mutual Funds. The
preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies.
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 market 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 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 investment transactions 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.
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.
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.
Note 2: FUND SHARES. At February 29, 1996, there was an unlimited number of
shares of beneficial interest of no par value authorized. Transactions
in Class A Shares and dollars of the Fund during the six month period
ended February 29, 1996 and fiscal year ended August 31, 1995, at a
constant net asset value of $1.00 per share, were as follows:
<TABLE>
<CAPTION>
FOR THE SIX MONTH PERIOD
ENDED FEBRUARY 29, 1996 FOR THE YEAR ENDED
(UNAUDITED) AUGUST 31, 1995
---------------------------- ------------------
<S> <C> <C>
Shares sold............................................. 3,080,430,011 4,788,622,703
Shares issued in reinvestment of distributions.......... 35,334,997 55,467,958
Shares redeemed......................................... (2,853,727,195) (4,531,700,234)
-------------- -------------
Net increase.......................................... 262,037,813 312,390,427
Shares outstanding:
Beginning of period................................... 1,294,009,037 981,618,610
-------------- -------------
End of period......................................... 1,556,046,850 1,294,009,037
============== =============
</TABLE>
8
<PAGE> 9
- --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
(CONTINUED)
- --------------------------------------------------------------------------------
Transactions in Class C Shares and dollars of the Fund which commenced
operations on February 29, 1996, at a constant net asset value of $1.00
per share, were as follows:
<TABLE>
<CAPTION>
FOR THE PERIOD
ENDED FEBRUARY
29, 1996
(UNAUDITED)
-----------------
<S> <C>
Shares sold........................................................................... 4,168
Shares issued on reinvestment of distributions........................................ --
Shares redeemed....................................................................... --
-----
Net increase........................................................................ 4,168
Shares outstanding:
Beginning of period................................................................. --
-----
End of period....................................................................... 4,168
=====
</TABLE>
Note 3: PURCHASES, SALES AND MATURITIES OF SECURITIES. For the six month period
ended February 29, 1996, purchases and maturities of short-term
investment securities, excluding repurchase agreements, aggregated
$5,838,746,990 and $5,553,940,300, respectively. Purchases, sales and
maturities of U.S. government obligations aggregated $243,701,142,
$20,107,031 and $188,500,000, respectively.
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 amount payable to
the Manager as of February 29, 1996 was $572,475. 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. For the period January 2, 1992 to December 31, 1992, 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 .77%, on an annual basis, of the Fund's average daily
net assets. Effective January 1, 1993, this voluntary expense limitation
was changed to .79%, on an annual basis, of the Fund's average daily net
assets. Under these arrangements, management fees of $244,972 were
waived during the year ended August 31, 1995. If total Fund expenses
fall below the expense limitation agreed to by the Manager before the
end of 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 fee waived ($207,108) in the prior year ended August 31, 1994
if total Fund expenses fall below the annual expense limitation before
the end of the year ending August 31, 1996.
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 29, 1996 was $253,150. In addition, the Manager performs Fund
Accounting services for the Fund and charged $20,564 during the six
month period of which $6,400 was payable as of February 29, 1996.
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 Class A and Class C Fund shares. Such fee
is accrued daily and payable monthly. The amount payable to the
Distributor as of February 29, 1996 was $181,035. The Manager,
Distributor, Fund Accountant and 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 that are also advised by the Manager or its affiliates
(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
9
<PAGE> 10
- --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
(CONTINUED)
- --------------------------------------------------------------------------------
combined quarterly meeting of the Heritage Mutual Funds attended.
Trustees' fees and expenses are shared equally by each of the Heritage
Mutual Funds.
Note 5: FEDERAL INCOME TAXES. As of August 31, 1995, the Fund has net tax basis
capital loss carryforwards of $9,682 and $6,037 which may be applied to
any net taxable gains until their expiration dates in 2001 and 2002,
respectively. In addition the Fund has post-October losses that the Fund
has deferred in the amount of $269,316.
10
<PAGE> 11
HERITAGE CASH TRUST-MONEY MARKET FUND is a member of the Heritage Family of
mutual funds. Other investment alternatives available to you from Heritage
include:
- HERITAGE CASH TRUST
MUNICIPAL MONEY MARKET FUND
- HERITAGE CAPITAL APPRECIATION TRUST
- HERITAGE INCOME-GROWTH TRUST
- HERITAGE INCOME TRUST
HIGH YIELD BOND FUND
INTERMEDIATE GOVERNMENT FUND
- HERITAGE SERIES TRUST
EAGLE INTERNATIONAL EQUITY PORTFOLIO
GROWTH EQUITY FUND
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 mutual funds, please contact your
account executive. Please read the Prospectus carefully before you invest in any
of the funds.
11
<PAGE> 12
LOGO
HERRITGE
CASH TRUST
MONEY MARKET FUND
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 29, 1996
A member of the
Heritage Family of Mutual Funds(TM)
Heritage Cash Trust-Money Market Fund
P.O. Box 33022
St. Petersburg, FL 33733
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Address Change Requested
SEMIANNUAL REPORT
INVESTMENT ADVISOR/
SHAREHOLDER SERVICING AGENT/
FUND ACCOUNTANT
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 LLP
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.
