<PAGE> 1
MUNICIPAL
MONEY MARKET [BAR LOGO]
FUND
[Pictures of People Working & Playing]
From Our Family to Yours: The Intelligent Creation of Wealth
ANNUAL REPORT
and Investment Performance
Review for the Six Months Ended
August 31, 1998
[HERITAGE LOGO]
<PAGE> 2
October 21, 1998
Dear Fellow Shareholders:
I am pleased to provide you with the annual report for Heritage Cash
Trust -- Municipal Money Market Fund (the "Fund") for the fiscal year ended
August 31, 1998. During the past fiscal year, rates on short-term investments
continued to fluctuate within a relatively narrow range. The seven-day effective
yield for your Fund began the fiscal year at 2.72%, increased slightly to 2.74%
at the end of the semi-annual reporting period on February 28, and stood at
2.70% on August 31.
The domestic economy has been in an expansion for the past 90 months. This
expansion has been unusual, not just for its duration, but for its slow, steady
growth featuring minimal inflationary pressures. Over much of the last two
years, the general concern had been that the Federal Reserve Board (the "Fed")
would increase short-term interest rates at the first signs of a return of
inflation. Very recently however, the Fed has reduced short-term rates twice for
a total of 0.50% in an effort to forestall a slowdown in our economic growth.
This situation has been brought about, not because of any fundamental change in
our domestic situation, but because of the financial crisis that has spread
throughout many Asian, European and Latin American economies. The revenues and
profits of many U.S. multinational businesses are beginning to show the negative
effects of this worldwide situation, as many of their export markets are not
able to continue their historic purchase levels of our products. Because of the
Fed's action to reduce short-term rates, the yield on your Fund also will fall
as the income from the securities in which we invest will decline. We believe
that the Fed's near-term bias will be to reduce rates further, if necessary, to
help our economic expansion continue.
As U.S. stock markets suffered as investors worried about corporate
earnings, money market funds and other short-term fixed income alternatives have
provided a safe haven for a portion of many investors' portfolios. In fact, over
the past six months, very few equity index returns are positive, making money
market funds one of the best performing investment categories over this period.
We encourage you to take this opportunity to review your investment portfolio
with your financial advisor to ensure that you have an asset allocation strategy
that is designed to meet your individual needs.
Your Fund continues to maintain a AAAm rating from Standard & Poor's
Ratings Group. This rating reflects the fact that we follow even more
restrictive investment criteria in managing your Fund than required by the
Securities and Exchange Commission. We also continue to provide a wide range of
services that, we hope, make your Fund extremely convenient for you to use.
These services include free checking (including free checks and returned
cancelled checks), daily sweeps to and from your brokerage accounts and
automatic payment programs. If there are ever any ways in which you believe we
could better serve you, please call us at 800-709-3863.
Please remember that if you are subject to the alternative minimum tax, a
portion of your Fund's income may be considered a preference item for tax
purposes. Also, if you are subject to a state income tax, a portion of the
income your Fund earns from securities issued in your state may be exempt from
your state income tax.
On behalf of all of us at Heritage Asset Management, thank you for your
continuing investment in Heritage Cash Trust -- Municipal Money Market Fund.
Sincerely,
/s/ STEPHEN G. HILL
Stephen G. Hill
President
<PAGE> 3
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HERITAGE CASH TRUST -- MUNICIPAL MONEY MARKET FUND
STATEMENT OF NET ASSETS
AUGUST 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<C> <S> <C>
NOTES, BONDS & VARIABLE RATE DEMAND NOTES--102.7%(A)
ALABAMA--0.9%
$ 3,000,000 Decatur, 3.55%(b)
Pollution Control Revenue Bond
Trico Steel Company, Series 98,
AMT, 09/07/98*
LOC: Chase Manhattan Bank......... $ 3,000,000
2,000,000 Tuscaloosa County, 3.50%(b)
Pollution Control Revenue Bond
Tuscaloosa Steel Project, AMT,
09/07/98*
LOC: Bayerische Landesbank........ 2,000,000
------------
5,000,000
------------
ALASKA--0.3%
1,590,000 Alaska Industrial Development
Authority, 4.50%
Healy Clean Coal Project, MBIA,
Series 98A, AMT, 04/01/99*
LOC: Bank of America.............. 1,596,689
------------
ARIZONA--0.8%
1,400,000 Apache County, 3.25%(b)
Pollution Control Revenue Bond
Tuscon Electric, Series 85A,
09/07/98*
LOC: Toronto Dominion............. 1,400,000
3,180,000 Navajo County, 3.35%(b)
Utility Revenue Bond
Citizens Utilities, Series 97B,
AMT, 09/07/98*.................... 3,180,000
------------
4,580,000
------------
ARKANSAS--0.9%
3,500,000 Clark County, 3.37%(b)
Solid Waste Revenue Bond
Reynolds Metals Project, Series
92, AMT, 09/07/98*
LOC: Sun Bank..................... 3,500,000
1,605,000 Russellville, 3.95%
Sales and Use Tax FSA,
Series 97, 11/01/98*.............. 1,605,000
------------
5,105,000
------------
COLORADO--1.0%
4,000,000 Colorado Student Obligation
Authority, 3.30%(b)
Student Loan Revenue Bond, Series
89A, AMT, 09/07/98*
LOC: Student Loan Marketing
Association....................... 4,000,000
1,500,000 Colorado Student Obligation
Authority, 3.30%(b)
Student Loan Revenue Bond, Series
97D, AMT, 09/07/98*
LOC: Student Loan Marketing
Association....................... 1,500,000
------------
5,500,000
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<C> <S> <C>
NOTES, BONDS & VARIABLE RATE DEMAND NOTES (CONTINUED)
DELAWARE--4.1%
12,500,000 Delaware Economic Development
Authority, 3.40%(b)
Pollution Control Revenue Bond
Star Enterprise Project, Series
97C,
AMT, 09/07/98*
LOC: Canadian Imperial Bank of
Commerce.......................... 12,500,000
8,500,000 Delaware Economic Development
Authority, 3.35%(b)
Pollution Control Revenue Bond
Star Enterprise Project, Series
97B,
AMT, 09/07/98*
LOC: Canadian Imperial Bank of
Commerce.......................... 8,500,000
2,000,000 Delaware Economic Development
Authority, 3.40%(b)
Industrial Development Revenue
Bond
Delaware Clean Power Project,
Series 97A, AMT, 09/07/98*
LOC: Canadian Imperial Bank
of Commerce....................... 2,000,000
------------
23,000,000
------------
DISTRICT OF COLUMBIA--4.1%
10,300,000 District of Columbia Education
Facility, 3.30%(b)
George Washington University,
Series 85A, 09/07/98*
LOC: First National Bank
of Chicago........................ 10,300,000
4,630,000 District of Columbia Housing
Finance Authority, 3.25%(b)
Multi Family Housing Revenue Bond
Livingston Manor Apartments,
09/07/98*
LOC: First Union National Bank.... 4,630,000
3,500,000 District of Columbia Housing
Finance Authority, 4.05%
Single Family Mortgage
Revenue Bond
Home Mortgage Revenue,
Series 97C, AMT, 09/01/98*
GIC: American International
Group............................. 3,500,000
5,000,000 District of Columbia, GO, 4.50%
Tax Revenue Anticipation
Note, Series 98B, 09/30/98*
LOC: Union Bank of Switzerland,
Morgan Guaranty Trust Company,.... 5,002,406
------------
23,432,406
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
2
<PAGE> 4
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HERITAGE CASH TRUST -- MUNICIPAL MONEY MARKET FUND
STATEMENT OF NET ASSETS
AUGUST 31, 1998
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<C> <S> <C>
NOTES, BONDS & VARIABLE RATE DEMAND NOTES (CONTINUED)
FLORIDA--1.6%
$ 3,400,000 Florida Housing Finance Authority,
3.37%(b)
Multi Family Housing Revenue Bond
Ashley Lake II, Series 89J, AMT,
09/07/98*
LOC: Morgan Guaranty Trust
Company........................... $ 3,400,000
1,350,000 Greater Orlando Aviation Authority,
3.90%
Signature Flight, Series 97, AMT,
12/01/98*
LOC: Bayerische Landesbank........ 1,350,000
1,090,000 Jacksonville, 3.20%(b)
YMCA, First Coast Project,
Series 98, 09/07/98*
LOC: First Union National Bank.... 1,090,000
3,100,000 Orange County, 3.20%(b)
Health Facility Revenue Bond
Adventist Health Systems, Series
92,
09/07/98*
LOC: Sun Bank..................... 3,100,000
------------
8,940,000
------------
GEORGIA--2.3%
9,000,000 Hapeville Development Authority,
3.30%(b)
Industrial Development Revenue
Bond
Hapeville Hotel, Series 85,
09/01/98*
LOC: Deutsche Bank................ 9,000,000
4,000,000 Muni Electric Authority of Georgia,
3.25%(b)
General Resolution Project,
Series 85C, 09/07/98*
LOC: Bayerische Landesbank........ 4,000,000
------------
13,000,000
------------
IDAHO--0.5%
3,000,000 Power County, 3.30%(b)
Pollution Control Revenue Bond
FMC Corporation Project, Series
85,
09/01/98*
LOC: Wachovia Bank & Trust........ 3,000,000
------------
ILLINOIS--11.6%
4,000,000 Chicago, 3.40%(b)
Industrial Development Revenue
Bond
Freedom Seating Company Project,
Series 98, AMT, 09/07/98*
LOC: LaSalle National Trust,
N.A............................... 4,000,000
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<C> <S> <C>
NOTES, BONDS & VARIABLE RATE DEMAND NOTES (CONTINUED)
15,000,000 Chicago, 3.40%(b)
Airport Revenue Bond
Centerpoint, LP, Series 97, AMT,
09/07/98*
LOC: First National Bank
of Chicago........................ 15,000,000
2,140,000 Hoffman Estates, 4.50%
Economic Development Project Area
AMBAC, Series 97, 11/15/98*....... 2,142,332
6,000,000 Illinois Development Finance
Authority, 3.45%(b)
Utility Revenue Bond
Citizens Utilities, Series 97,
AMT, 09/07/98*.................... 6,000,000
9,400,000 Illinois Development Finance
Authority, 3.35%(b)
Pollution Control Revenue Bond
Illinois Power Project, Series
88B, AMT 09/07/98*
LOC: Morgan Guaranty Trust
Company........................... 9,400,000
11,300,000 Illinois Development Finance
Authority, 3.35%(b)
Pollution Control Revenue Bond
Illinois Power Project, Series
87C, AMT, 09/07/98*
LOC: Morgan Guaranty Trust
Company........................... 11,300,000
7,000,000 Jackson-Union County, 3.30%(b)
Enron Transportation Services,
09/07/98*
LOC: First Union Bank of North
Carolina.......................... 7,000,000
4,000,000 Joliet, 3.20%(b)
Industrial Development Revenue
Bond
Exxon Project, 09/01/98*.......... 4,000,000
4,320,000 Lake County, 3.35%(b)
Solid Waste Revenue Bond
Countryside Landfill, Series 96B,
AMT, 09/07/98*
LOC: Morgan Guaranty Trust
Company........................... 4,320,000
2,500,000 Sauget, 4.70%
Solid Waste Revenue Bond
Pfizer, Series 93, 05/01/99*...... 2,514,487
------------
65,676,819
------------
INDIANA--3.2%
2,140,000 City of Crawfordsville, 3.40%(b)
Industrial Development Revenue
Bond
Precision Plastics of Indiana,
Series 92, 09/07/98*
LOC: Northern Trust Company........ 2,140,000
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE> 5
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HERITAGE CASH TRUST -- MUNICIPAL MONEY MARKET FUND
STATEMENT OF NET ASSETS
AUGUST 31, 1998
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<C> <S> <C>
NOTES, BONDS & VARIABLE RATE DEMAND NOTES (CONTINUED)
$ 4,780,000 City of North Vernon, 3.45%(b)
Multi Family Housing Revenue Bond
Oak Meadows Apartments Project,
Series 95, AMT, 09/07/98*
LOC: Federal Home Loan Bank....... $ 4,780,000
6,000,000 City of Westfield, 3.35%(b)
Industrial Development Revenue
Bond
PL Porter Project, Series 89, AMT,
09/07/98*
LOC: Bank of America.............. 6,000,000
2,050,000 Elkhart County, 3.45%(b)
Multi Family Housing Revenue Bond
West Plains Apartments Project,
Series 98A, AMT, 09/07/98*
LOC: LaSalle National Trust,
N.A............................... 2,050,000
2,950,000 Elkhart County, 3.45%(b)
Multi Family Housing Revenue Bond
Johnson St. Apartments Project,
Series 98A, AMT, 09/07/98*
LOC: LaSalle National Trust,
N.A............................... 2,950,000
------------
17,920,000
------------
KANSAS--0.7%
4,100,000 Shawnee Industrial Development
Authority, 3.40%(b)
Industrial Development Revenue
Bond
Thrall Enterprises, Series 94,
AMT, 09/07/98*
LOC: LaSalle National Trust,
N.A............................... 4,100,000
------------
KENTUCKY--1.7%
9,600,000 Louisville, 3.35%(b)
Airport Revenue Bond
Louisville Airport, Series 89B,
AMT, 09/07/98*
LOC: National City Bank of
Louisville........................ 9,600,000
------------
LOUISIANA--3.2%
3,770,000 Calcasieu Parish, 3.20%(b)
Sales Tax District No. 4-A, Series
94, 09/07/98*
LOC: Credit Local de France....... 3,770,000
1,910,000 Jefferson Parish, GO, 6.15%
Drainage Improvement
FGIC, Series 97, 09/01/98*........ 1,910,000
3,500,000 Lincoln Parish, 3.50%(b)
Solid Waste Revenue Bond
Willamette Industrial Project,
Series 96, AMT, 09/07/98*
LOC: Deutsche Bank................ 3,500,000
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<C> <S> <C>
NOTES, BONDS & VARIABLE RATE DEMAND NOTES (CONTINUED)
8,680,000 Louisiana Public Facility
Authority, 3.30%(b)
Industrial Development Revenue
Bond
Kenner Hotel, 09/01/98*
LOC: Deutsche Bank................ 8,680,000
------------
17,860,000
------------
MARYLAND--4.6%
19,020,000 Frederick County, 3.35%(b)
Health Facility Revenue Bond
Buckinghams Choice,
Series 97E, 09/07/98*
LOC: LaSalle National Trust,
N.A............................... 19,020,000
6,900,000 Maryland Health and Higher
Education, 3.30%(b)
Health Facility Revenue Bond
Charlestown Commission,
Series 98A, 09/07/98*
LOC: First Union National Bank.... 6,900,000
------------
25,920,000
------------
MICHIGAN--1.8%
9,950,000 Michigan Housing Development
Authority, 3.45%(b)
Multi Family Housing Revenue Bond
Rental Housing, Series 97B,
09/07/98*
LOC: Landesbank Hessen-
Thueringen........................ 9,950,000
------------
MINNESOTA--0.6%
3,600,000 City of St. Paul, 3.55%(b)
Multi Family Housing Revenue Bond
Kendrick Apartments, Series 97,
AMT, 09/07/98*
LOC: First Bank Systems........... 3,600,000
------------
MONTANA--2.7%
15,000,000 Montana Board of Investments,
3.35%(b)
Colstrip Project, Series 89A,
AMT, 09/07/98*
LOC: Credit Local de France....... 15,000,000
------------
NEBRASKA--0.9%
5,100,000 Nebhelp, Inc., 3.45%(b)
Student Loan Program,
Series 86B, 09/07/98*
LOC: Student Loan Marketing
Association....................... 5,100,000
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
<PAGE> 6
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HERITAGE CASH TRUST -- MUNICIPAL MONEY MARKET FUND
STATEMENT OF NET ASSETS
AUGUST 31, 1998
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<C> <S> <C>
NOTES, BONDS & VARIABLE RATE DEMAND NOTES (CONTINUED)
NEVADA--1.2%
$ 6,980,000 Clark County, 3.15%(b)
Airport Revenue Bond
McCarran Airport, Series 95 A-1,
09/07/98*
LOC: Union Bank of Switzerland.... $ 6,980,000
------------
NEW HAMPSHIRE--1.5%
2,100,000 New Hampshire, 3.45%(b)
Pollution Control Revenue Bond
Connecticut Light & Power, Series
92, 09/07/98*
LOC: Canadian Imperial Bank of
Commerce.......................... 2,100,000
2,695,000 New Hampshire Housing Finance
Authority, 3.50%(b)
Multi Family Housing Revenue Bond
Countryside LTD Project,
Series 94, AMT, 09/07/98*
LOC: General Electric Credit
Corporation....................... 2,695,000
3,600,000 New Hampshire Housing Finance
Authority, 3.37%(b)
Multi Family Housing Revenue Bond
Fairways Project, AMT, 09/07/98*
LOC: General Electric Credit
Corporation....................... 3,600,000
------------
8,395,000
------------
NEW YORK--1.2%
6,900,000 New York Energy Restoration &
Development, 3.45% (b)
Pollution Control Revenue Bond
Niagra Mohawk, Series 86A, AMT,
09/01/98*
LOC: Toronto Dominion............. 6,900,000
------------
NORTH CAROLINA--2.1%
3,500,000 Halifax County, 3.40%(b)
Pollution Control Revenue Bond
Louisville G & E, Series 93, AMT,
09/01/98*
LOC: Credit Suisse................ 3,500,000
3,400,000 Person County, 4.00%(b)
Industrial Development Revenue Bond
Carolina Power and Light Project,
Series 86, AMT, 09/01/98*
LOC: Sun Bank, Orlando............ 3,400,000
4,900,000 Raleigh Durham, 3.35%(b)
Airport Revenue Bond
American Airlines, Series 95A,
09/01/98*
LOC: Royal Bank of Canada......... 4,900,000
------------
11,800,000
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<C> <S> <C>
NOTES, BONDS & VARIABLE RATE DEMAND NOTES (CONTINUED)
NORTH DAKOTA--1.8%
10,000,000 North Dakota Housing Finance
Authority, 3.90%(b)
Single Family Mortgage Revenue
Bonds, Series 98C, AMT, 06/01/99*
GIC: American International
Group............................. 10,000,000
------------
OHIO--2.0%
1,600,000 Evendale, 3.55%(b)
Industrial Development Revenue Bond
SHV Real Estate Project, 09/07/98*
LOC: ABN-AMRO..................... 1,600,000
4,900,000 Franklin County, 3.30%(b)
Health Facility Revenue Bond
U.S. Health Corporation,
Series 96A, 09/07/98*
LOC: Morgan Guaranty Trust
Company........................... 4,900,000
5,000,000 Ohio Housing Finance Authority,
3.80%
Single Family Mortgage
Revenue Bond
Home Mortgage, Series 98A-2, AMT,
03/01/99*
GIC: Trinity Funding.............. 5,000,000
------------
11,500,000
------------
OKLAHOMA--1.7%
2,000,000 Oklahoma Development Finance
Authority, 3.45%(b)
Shawnee Funding Project,
Series 96, AMT, 09/07/98*
LOC: Bank of Nova Scotia.......... 2,000,000
7,500,000 Optima Municipal Authority,
3.45%(b)
Industrial Development Revenue
Bond
Seaboard Project, Series 94, AMT,
09/07/98*
LOC: Trust Company Bank........... 7,500,000
------------
9,500,000
------------
OREGON--2.7%
3,560,000 Klamath Falls, 3.80%
Electric Utility Revenue Bond
Salt Caves, Series 86A,
05/03/99*......................... 3,560,000
2,000,000 Oregon Economic Development
Authority, 3.60%(b)
Industrial Development Revenue
Bond
Eagle-Picher Industrial Project,
Series 84, 09/07/98*
LOC: NBD Corporation.............. 2,000,000
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE> 7
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HERITAGE CASH TRUST -- MUNICIPAL MONEY MARKET FUND
STATEMENT OF NET ASSETS
AUGUST 31, 1998
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<C> <S> <C>
NOTES, BONDS & VARIABLE RATE DEMAND NOTES (CONTINUED)
$ 9,900,000 Port of Portland, 3.45%(b)
Industrial Development Revenue
Bond
Portland Bulk Terminal,
Series 96, AMT, 09/07/98*
LOC: Canadian Imperial Bank of
Commerce.......................... $ 9,900,000
------------
15,460,000
------------
PENNSYLVANIA--6.8%
1,100,000 Beaver County Industrial
Development Authority, 3.35%(b)
Pollution Control Revenue Bond
Duquesne Light Company,
Series 90B, 09/07/98*
LOC: Barclays Bank................ 1,100,000
1,000,000 Beaver County Industrial
Development Authority, 3.35%(b)
Pollution Control Revenue Bond
Duquesne Light Company,
Series 90A, 09/07/98*
LOC: Barclays Bank................ 1,000,000
3,000,000 Delaware Valley Finance
Authority, 3.20%(b)
Local Government Revenue Bond,
Series 85A, 09/07/98*
LOC: Credit Suisse................ 3,000,000
2,200,000 Emmaus Local Government, 3.45%(b)
General Authority Revenue Bond,
Series 89B-17, 09/07/98*
LOC: Bayerische Landesbank........ 2,200,000
19,895,000 Montgomery County Higher
Education, 3.30%(b)
Student Loan Revenue Bond,
Series 96A, 09/07/98*
LOC: Dauphin Deposit Bank......... 19,895,000
1,500,000 Pennsylvania Higher
Education, 3.35%(b)
Student Loan Revenue Bond,
Series 88, AMT, 09/07/98*
LOC: Student Loan Marketing
Association....................... 1,500,000
1,185,000 Pittsburgh, GO, 5.00%
Series 96A, MBIA, 03/01/99*....... 1,193,105
3,000,000 Schuykill County, 3.30%(b)
Industrial Development Revenue
Bond
Northeastern Power Company
Project, Series 97B, AMT,
09/01/98*
LOC: Credit Local De France....... 3,000,000
5,300,000 Schuykill County, 3.20%(b)
Industrial Development Revenue
Bond
Northeastern Power Company
Project, Series 97A, 09/01/98*
LOC: Credit Local De France....... 5,300,000
------------
38,188,105
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<C> <S> <C>
NOTES, BONDS & VARIABLE RATE DEMAND NOTES (CONTINUED)
RHODE ISLAND--2.1%
4,400,000 Rhode Island Higher Education,
3.35%(b)
Student Loan Revenue Bond,
Series 95-1, AMT, 09/07/98*
LOC: National Westminster......... 4,400,000
5,000,000 Rhode Island Higher Education,
3.35%(b)
Student Loan Revenue Bond,
Series 96J-2, AMT, 09/07/98*
LOC: National Westminster......... 5,000,000
2,600,000 Rhode Island Higher
Education, 3.35%(b)
Student Loan Revenue Bond,
Series 96-3, AMT, 09/07/98*
LOC: National Westminster......... 2,600,000
------------
12,000,000
------------
SOUTH CAROLINA--1.2%
5,000,000 Berkeley County, 3.30%(b)
Pollution Control Revenue Bond
Amoco Chemical Project, Series 94,
09/01/98*......................... 5,000,000
1,540,000 South Carolina Job Development
Authority, 3.15%(b)
Hospital Revenue Bond
Baptist Health Care, Series 95,
09/07/98*
LOC: Credit Local De France....... 1,540,000
------------
6,540,000
------------
SOUTH DAKOTA--3.6%
10,460,000 South Dakota Housing
Development Authority, 3.50%(b)
Single Family Mortgage
Revenue Bond
Home Mortgage Revenue, Series 97E,
09/07/98*
GIC: Westdeutsche
Landesbank . ..................... 10,460,000
10,000,000 South Dakota Housing
Development Authority, 3.75%
Single Family Mortgage
Revenue Bond
Home Mortgage Revenue, Series 98C,
08/05/99*......................... 10,000,000
------------
20,460,000
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE> 8
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HERITAGE CASH TRUST -- MUNICIPAL MONEY MARKET FUND
STATEMENT OF NET ASSETS
AUGUST 31, 1998
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<C> <S> <C>
NOTES, BONDS & VARIABLE RATE DEMAND NOTES (CONTINUED)
TENNESSEE--3.8%
$ 21,300,000 Memphis-Shelby County, 3.45%(b)
Airport System Revenue Bond,
Series 96B-2, AMT, 09/07/98*
LOC: First Union Bank of North
Carolina.......................... $ 21,300,000
------------
TEXAS--8.9%
2,000,000 Austin, 3.25%(b)
Airport System Revenue Notes,
Series 95A, AMT, 09/07/98*
LOC: Morgan Guaranty Trust
Company........................... 2,000,000
8,500,000 Brazos Higher Education, 3.30%(b)
Student Loan Revenue Bond,
Series B1, AMT, 09/07/98*
LOC: Student Loan Marketing
Association....................... 8,500,000
7,600,000 Calhoun County, 3.30%(b)
Port Facility
Formosa Plastics, Series 94, AMT,
09/07/98*
LOC: Bank of America.............. 7,600,000
1,200,000 Crawford 3.40%(b)
Industrial Development Revenue
Bond
Franklin Industries, Series 87,
AMT, 09/07/98*
LOC: ABN-AMRO..................... 1,200,000
4,640,000 Gulf Coast, 3.20%(b)
Pollution Control Revenue Bond
Amoco Oil Company Project,
Series 92, 09/01/98*.............. 4,640,000
1,000,000 Panhandle Plains, 3.30%(b)
Student Loan Revenue Bond,
Series 91A, AMT, 09/07/98*
LOC: Student Loan Marketing
Association....................... 1,000,000
19,600,000 Panhandle Plains, 3.30%(b)
Student Loan Revenue Bond,
Series 97X, AMT, 09/07/98*
LOC: Student Loan Marketing
Association....................... 19,600,000
1,000,000 Panhandle Plains, 3.65%(b)
Student Loan Revenue Bond,
Series 93B, AMT, 09/07/98*
LOC: Student Loan Marketing
Association....................... 1,000,000
1,500,000 Panhandle Plains, 3.30%(b)
Student Loan Revenue Bond,
Series 92B, AMT, 09/07/98*
LOC: Student Loan Marketing
Association....................... 1,500,000
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<C> <S> <C>
NOTES, BONDS & VARIABLE RATE DEMAND NOTES (CONTINUED)
3,300,000 Panhandle Plains, 3.30%(b) Student
Loan Revenue Bond, Series 91B,
AMT, 09/07/98*,
LOC: Student Loan Marketing
Association....................... 3,300,000
------------
50,340,000
------------
UTAH--1.8%
10,400,000 Salt Lake County, 3.47%(b) Solid
Waste Revenue Bond Kennecott
Copper Corporation, AMT,
09/07/98*......................... 10,400,000
------------
VIRGINIA--10.7%
3,600,000 Amelia County, 3.35%(b)
Solid Waste Revenue Bond
Chambers Waste Systems, Inc., AMT,
09/07/98*,
LOC: Morgan Guaranty Trust
Company........................... 3,600,000
2,500,000 Charles City, 3.35%(b)
Solid Waste Revenue Bond
Chambers Development,
Series 89, AMT, 09/07/98*
LOC: Morgan Guaranty Trust
Company........................... 2,500,000
1,600,000 Charles City, 3.35%(b)
Solid Waste Revenue Bond
Chambers Development,
Series 90, AMT, 09/07/98*,
LOC: Morgan Guaranty Trust
Company........................... 1,600,000
5,595,000 Charles City, 3.35%(b)
Solid Waste Revenue Bond
Chambers Development of Virginia,
Series 91, AMT, 09/07/98*
LOC: Morgan Guaranty Trust
Company........................... 5,595,000
4,000,000 Charles City, 3.35%(b)
Solid Waste Revenue Bond
Chambers Development of Virginia,
Series 96, AMT, 09/07/98*
LOC: Morgan Guaranty Trust
Company........................... 4,000,000
2,700,000 City of Alexandria Redevelopment
and Housing Authority, 3.40%(b)
Multi Family Housing Revenue Bond
Buckingham Village Apartments,
Series 96B, AMT, 09/07/98*
LOC: First Union Bank of North
Carolina.......................... 2,700,000
8,550,000 City of Richmond Housing Finance
Authority, 3.25%(b) Old Manchester
Project,
Series 95A, 09/07/98*
LOC: Wachovia Bank and Trust...... 8,550,000
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<PAGE> 9
- --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MUNICIPAL MONEY MARKET FUND
STATEMENT OF NET ASSETS
AUGUST 31, 1998
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<C> <S> <C>
NOTES, BONDS & VARIABLE RATE DEMAND NOTES (CONTINUED)
$ 2,000,000 City of Richmond Redevelopment
and Housing Authority, 3.65%(b)
Multi Family Housing Revenue Bond
Tobacco Row, Series 89B-3, AMT,
09/07/98*
GIC: Bayerische Landesbank........ $ 2,000,000
7,500,000 City of Richmond Redevelopment and
Housing Authority, 3.65%(b)
Multi Family Housing Revenue Bond
Tobacco Row, Series 89B-5, AMT,
09/07/98*
GIC: Bayerische Landesbank........ 7,500,000
10,660,000 City of Richmond Redevelopment
and Housing Authority, 3.65%(b)
Multi Family Housing Revenue Bond
Tobacco Row, Series 89B-7, AMT,
09/07/98*
GIC: Bayerische Landesbank........ 10,660,000
8,075,000 Fairfax County Development
Authority, 3.40%(b)
Fair Lakes D&K LTD Partnership,
Series 96, AMT, 09/07/98*
LOC: First Union Bank of North
Carolina.......................... 8,075,000
3,750,000 Waynesboro, 3.30%(b)
Health Facility Revenue Bond
Sunnyside Hospital, Series 97,
09/01/98
LOC: First Union Bank of North
Carolina.......................... 3,750,000
------------
60,530,000
------------
WASHINGTON--1.7%
9,500,000 Port of Vancouver, 3.40%(b)
Industrial Development Revenue
Bond
United Grain Corporation,
Series 92, AMT, 09/07/98*
LOC: Bank of America.............. 9,500,000
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<C> <S> <C>
NOTES, BONDS & VARIABLE RATE DEMAND NOTES (CONTINUED)
WISCONSIN--0.4%
2,100,000 Wisconsin Health and Education
Facility Authority, 3.25%(b)
Health Facility Revenue Bond
St. Lukes Medical Center,
Series 87, 09/07/98*
LOC: First National Bank of
Chicago........................... 2,100,000
------------
TOTAL INVESTMENTS(cost $579,774,019)(c),
102.7%(a)......................................... 579,774,019
OTHER ASSETS AND LIABILITIES, NET, (2.7%)(a)...... (15,226,611)
------------
NET ASSETS, 100.0% (net asset value, offering and
redemption price of $1.00 per share; $564,613,784
shares outstanding), consisting of paid-in-capital
net of accumulated net realized loss of $66,376,
100%.............................................. $564,547,408
============
</TABLE>
- ---------------
* Earlier of the maturity date or the put date.
(a)Percentages are based on net assets.
(b)Floating rate notes are securities that generally are payable on
demand within seven calendar days. Put bonds are securities that can be put
back to the issuer or remarketer either at the option of the holder, at a
specified date, or within a specified time period known at the time of
purchase. For these securities, the demand period and the remaining period to
put date, respectively, are used when calculating the weighted average
maturity of the portfolio.
(c)The aggregate identified cost for federal income tax purposes is
the same.
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Securities subject to Alternative Minimum Tax
FGIC -- Federal Guaranty Insurance Company
GIC -- Credit enhancement provided by guaranteed investment contract with noted
institution
GO -- General Obligation
LOC -- Credit enhancement provided by letter of credit issued by noted
institution
MBIA -- Municipal Bond Investors Assurance
The accompanying notes are an integral part of the financial statements.
8
<PAGE> 10
- --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MUNICIPAL MONEY MARKET FUND
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED AUGUST 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
INVESTMENT INCOME
Interest.................................................... $18,153,232
Expenses (Notes 1 and 4):
Management fee............................................ $2,380,492
Distribution fee.......................................... 732,661
Shareholder servicing..................................... 129,439
State qualification expenses.............................. 114,673
Custodian/Fund accounting fees............................ 92,499
Professional fees......................................... 54,223
Federal registration fees................................. 42,166
Reports to shareholders................................... 28,378
Insurance expense......................................... 9,819
Trustees' fees and expenses............................... 8,239
Other..................................................... 5,112
----------
Total expenses.............................................. 3,597,701
-----------
Net investment income resulting from operations............. $14,555,531
===========
</TABLE>
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE YEARS ENDED
----------------------------------
AUGUST 31, 1998 AUGUST 31, 1997
--------------- ---------------
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income..................................... $ 14,555,531 $ 10,768,959
Distributions to shareholders from net investment income
($0.030 and $0.030 per share, respectively)............... (14,555,531) (10,768,959)
Increase in net assets from Fund share transactions (Note
2)........................................................ 145,475,144 93,310,792
------------ ------------
Increase in net assets...................................... 145,475,144 93,310,792
Net assets, beginning of year............................... 419,072,264 325,761,472
------------ ------------
Net assets, end of year..................................... $564,547,408 $419,072,264
============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
9
<PAGE> 11
- --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MUNICIPAL 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 YEARS ENDED AUGUST 31,
------------------------------------------
1998 1997 1996 1995 1994
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF YEAR:......................... $1.000 $1.000 $1.000 $1.000 $1.000
------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a).................................. .030 .030 .030 .030 .019
LESS DISTRIBUTIONS:
Dividends from net investment income...................... (.030) (.030) (.030) (.030) (.019)
------ ------ ------ ------ ------
NET ASSET VALUE, END OF YEAR:............................... $1.000 $1.000 $1.000 $1.000 $1.000
====== ====== ====== ====== ======
TOTAL RETURN %.............................................. 3.02 3.00 2.98 3.04 1.90
RATIOS TO AVERAGE DAILY NET ASSETS(%)/SUPPLEMENTAL DATA:
Operating expenses, net(a)................................ .74 .75 .77 .77 .77
Net investment income..................................... 2.98 2.96 2.94 3.05 1.89
Net assets, end of period ($ millions).................... 565 419 326 283 212
</TABLE>
- ---------------
(a)Excludes management fees waived by the Manager in the amount of less than
$.001 and $.001, per share, for the two years ended August 31, 1995 and 1994,
respectively. The operating expense ratios including such items would have
been .79% and .77%, respectively. No management fees were waived or recovered
for the year ended August 31, 1996. The year ended August 31, 1997 includes
recovery of previously waived management fees paid to the Manager of $.01 per
share. The operating expense ratios excluding such items would have been
.74%. No management fees were waived or recovered for the year ended August
31, 1998.
The accompanying notes are an integral part of the financial statements.
10
<PAGE> 12
- --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
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 diversified, open-end
management investment company consisting of two separate investment
portfolios, the Municipal Money Market Fund (the "Fund") and the Money
Market Fund. The Fund is designed for investors who wish to participate
in a portfolio of federally tax-exempt debt securities with remaining
maturities of not more than 397 days. 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.
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.
Expenses: The Fund is charged for those expenses which are directly
attributable to it, such as management fee, custodian/fund accounting
fees, distribution fee, while other expenses such as professional fees,
insurance expense, are allocated proportionately among the Heritage
Funds.
State Qualification Expenses: State qualification fees are amortized
based either on the time period covered by the qualification or as
related shares are sold, whichever is appropriate for each state.
Other: Investment transactions are recorded on a trade date basis.
Interest income is recorded on the accrual basis.
Note 2: FUND SHARES. At August 31, 1998, there was an unlimited number of
shares of beneficial interest of no par value authorized. Transactions
in shares and dollars of the Fund during the years ended August 31, 1998
and 1997 at a constant net asset value of $1.00 per share, were as
follows:
<TABLE>
<CAPTION>
FOR THE YEARS ENDED
----------------------------------
AUGUST 31, 1998 AUGUST 31, 1997
--------------- ---------------
<S> <C> <C>
Shares sold................................................. 2,634,863,915 1,753,225,618
Shares issued on reinvestment of distributions.............. 15,359,564 10,474,052
Shares redeemed............................................. (2,504,748,335) (1,670,388,878)
-------------- --------------
Net increase.............................................. 145,475,144 93,310,792
Shares outstanding:
Beginning of year......................................... 419,138,640 325,827,848
-------------- --------------
End of year............................................... 564,613,784 419,138,640
============== ==============
</TABLE>
Note 3: PURCHASES, SALES AND MATURITIES OF SECURITIES. For the year ended
August 31, 1998, purchases, sales and maturities of short-term
investment securities aggregated $1,496,783,974, $1,304,422,000 and
$43,415,000, respectively.
Note 4: MANAGEMENT, SUBADVISORY, DISTRIBUTION, SHAREHOLDER SERVICING AGENT, FUND
ACCOUNTING 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. Effective January 2, 1996, the Manager agreed to the
following management fee schedule: 50% of the first $250,000,000, .475%
of the next $250,000,000, .45% of the next $250,000,000, .425% of the
next $250,000,000 and .40% on assets over $1 billion of such net assets.
The amount payable to the Manager as of August 31, 1998 was $209,843.
Pursuant to the Prospectus dated January 2, 1998, the Manager
voluntarily agreed to waive its fees and, if necessary, reimburse the
Fund to the extent that total operating
11
<PAGE> 13
- --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
- --------------------------------------------------------------------------------
expenses exceed .75% of its average daily net assets for the fiscal year
ended August 31, 1998. The Manager further agreed to waive its fees and,
if necessary, reimburse the Fund to the extent that total operating
expenses exceed .74% of its average daily net assets for the fiscal year
ending August 31, 1998.
The Manager has entered into an agreement with Alliance Capital
Management L.P. (the "Subadviser") to provide investment advice and
portfolio management services, including placement of brokerage orders,
to the Fund for a fee payable by the Manager equal to an annual rate of
.125% of average daily net assets on assets up to $100 million, .10% of
average daily net assets on assets from $100 million to $250 million,
and .05% on average daily net assets exceeding $250 million. For the
year ended August 31, 1998 the subadviser earned $394,220 for subadviser
fees, which were paid by the Manager.
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
August 31, 1998 was $21,000. In addition, the Manager performs Fund
accounting services for the Fund and charged $45,923 during the year, of
which $7,500 was payable as of August 31, 1998.
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 August 31,
1998 was $66,891. 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,
investment companies 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 employee of the
Manager or an employee of an affiliate of the Manager receives an annual
fee of $8,666 and an additional fee of $3,250 for each combined
quarterly meeting of the Heritage Mutual Funds attended. Trustees' fees
and expenses are paid equally by each of the Heritage Mutual Funds.
Note 5: FEDERAL INCOME TAXES. As of August 31, 1998, the Fund has net tax basis
capital loss carryforwards of $66,376, in the aggregate. Capital loss
carryforwards in the amount of $17,824, $2,029, and $46,523 may be
applied to any net taxable gains until their expiration dates in 2001,
2003, and 2004, respectively.
12
<PAGE> 14
- --------------------------------------------------------------------------------
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
- --------------------------------------------------------------------------------
To the Board of Trustees and Shareholders of
Heritage Cash Trust-Municipal Money Market Fund
In our opinion, the accompanying statement of net assets and the related
statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
Heritage Cash Trust-Municipal Money Market Fund (the "Fund") at August 31, 1998,
the results of its operations for the year then ended, the changes in its net
assets for each of the two years in the period then ended and the financial
highlights for each of the five years in the period then ended, in conformity
with generally accepted accounting principles. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at August 31, 1998 by
correspondence with the custodian and brokers, provide a reasonable basis for
the opinion expressed above.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Tampa, Florida
October 14, 1998
- --------------------------------------------------------------------------------
TAX INFORMATION
(UNAUDITED)
- --------------------------------------------------------------------------------
Of the dividends paid from net investment income for the year ended August
31, 1998, 100% were exempt interest dividends which are tax exempt for purposes
of regular federal income tax, and a portion were exempt interest dividends
which may be subject to the federal alternative minimum tax. Please consult a
tax adviser if you have questions about federal or state income tax laws, or on
how to prepare your tax return.
13
<PAGE> 15
HERITAGE CASH TRUST-MUNICIPAL 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
MONEY MARKET FUND
- HERITAGE CAPITAL APPRECIATION TRUST
- HERITAGE INCOME-GROWTH TRUST
- HERITAGE INCOME TRUST
INTERMEDIATE GOVERNMENT FUND
HIGH YIELD BOND FUND
- HERITAGE SERIES TRUST
AGGRESSIVE GROWTH FUND
EAGLE INTERNATIONAL EQUITY PORTFOLIO
GROWTH EQUITY FUND
MID CAP GROWTH 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
financial advisor. Please read the Prospectus carefully before you invest in any
of the funds.
<PAGE> 16
[HERITAGE LOGO]
Heritage Cash Trust - Municipal Money Market Fund
P.O. Box 33022
St. Petersburg, FL 33733
Address Change Requested
HERITAGE FAMILY OF FUNDS (TM)
From Our Family to Yours:
The Intelligent Creation of Wealth
HERITAGE MONEY MARKET FUNDS
Cash Trust Money Market
Cash Trust Municipal Money Market
HERITAGE BOND FUNDS
Intermediate Government
High Yield
HERITAGE STOCK FUNDS
Aggressive Growth
Capital Appreciation
Growth Equity
Income-Growth
International
Mid Cap
Small Cap
Value Equity
This report is for the information of shareholders of Heritage Cash Trust -
Municipal Money Market Fund. It may also be used as sales literature when
preceded or accompanied by a prospectus.
[recycled logo] Printed on recycled paper
