<PAGE> 1
MONEY
MARKET [BAR LOGO]
FUND
[Pictures of People Working & Playing]
From Our Family to Yours: The Intelligent Creation of Wealth.
SEMIANNUAL REPORT
(unaudited) and Investment Performance
Review for the Six-Month Period Ended
February 29, 2000
[HERITAGE LOGO]
<PAGE> 2
April 19, 2000
Dear Fellow Shareholders:
I am very pleased to provide you with the semiannual report for the
Heritage Cash Trust -- Money Market Fund (the "Fund") for the six-month period
from September 1, 1999 through February 29, 2000. From a level of 4.62% on
September 1, 1999, the seven-day effective yield for your Fund increased
steadily during the six-month period to 5.32% as of February 29, 2000. This
increase resulted from the efforts of the Federal Reserve Board to slow the
growth rate of the economy by raising short-term interest rates. One positive
result of these rate increases has been an increase in yields on short-term
securities such as those in which your Fund invests.
The past few years have featured a stock market that has moved generally
upward, although with extreme volatility relative to historical levels. Also,
many segments of the market have not participated in the gains indicated by
index returns. Especially during volatile market periods, an allocation of a
portion of your assets to high quality short-term assets such as money market
mutual funds can help stabilize portfolio returns and provide some measure of
comfort.
As a reminder, your Fund continues to offer many features that make it easy
for you to use. These include free checking (including free checks and returned
cancelled checks), various automated payment programs and daily sweeps to and
from your brokerage accounts. Also, our current portfolio exceeds the standards
necessary to retain our AAAm rating from Standard & Poor's Ratings Group.
Effective April 3, 2000, I accepted a position as President and Chief
Operating Officer of Eagle Asset Management, Inc. ("Eagle"), an affiliate of
Heritage Asset Management, Inc. ("Heritage"), and a subadviser to several of the
Heritage mutual funds. Brian Lee, formerly Executive Vice-President of Eagle is
now President of Heritage. At the next meeting of your Fund's Board of Trustees,
we anticipate that Brian will be named President of the various Heritage mutual
funds, including Heritage Cash Trust. I have enjoyed communicating with you over
the past several years and am sure you will enjoy reading Brian's comments in
the future.
On behalf of all of us at Heritage, thank you for your continuing
investment in Heritage Cash Trust -- Money Market Fund.
Sincerely,
/s/ STEPHEN G. HILL
Stephen G. Hill
President
Heritage Cash Trust
<PAGE> 3
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HERITAGE CASH TRUST -- MONEY MARKET FUND
STATEMENT OF NET ASSETS
FEBRUARY 29, 2000
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT -----
<C> <S> <C>
COMMERCIAL PAPER--72.0%(A)
DOMESTIC--63.3%
BANKS--3.1%
$ 50,000,000 Bank of America Corporation,
5.96%, 06/05/00............... $ 49,205,333
75,000,000 First Union Corp., 5.90%,
05/22/00...................... 73,992,083
--------------
123,197,416
--------------
BEVERAGES--5.0%
50,000,000 Anheuser-Busch Companies, Inc.,
5.87%, 05/02/00............... 49,494,528
100,000,000 Anheuser-Busch Companies, Inc.,
5.87%, 05/18/00............... 98,728,167
50,000,000 The Coca-Cola Company, 5.80%,
04/11/00...................... 49,669,722
--------------
197,892,417
--------------
CHEMICALS--3.5%
45,000,000 E.I. du Pont de Nemours &
Company, 5.87%, 05/18/00...... 44,427,675
37,000,000 The Clorox Company, 5.80%,
04/04/00...................... 36,797,322
12,525,000 The Clorox Company, 5.80%,
04/07/00...................... 12,450,337
46,250,000 The Clorox Company, 5.80%,
04/20/00...................... 45,877,431
--------------
139,552,765
--------------
COMMUNICATION SERVICES--7.1%
72,700,000 AT&T Corporation, 5.76%,
03/02/00...................... 72,688,368
49,000,000 Bell Atlantic Network Funding
Corporation, 5.80%,
04/06/00...................... 48,715,800
11,000,000 Bell Atlantic Network Funding
Corporation, 5.80%,
04/07/00...................... 10,934,428
50,000,000 BellSouth Telecommunications
Inc., 5.72%, 03/02/00......... 49,992,056
50,000,000 SBC Communications Inc., 5.75%,
03/07/00...................... 49,952,083
50,000,000 SBC Communications Inc., 5.75%,
03/08/00...................... 49,944,097
--------------
282,226,832
--------------
COMMUNICATIONS EQUIPMENT--2.5%
30,700,000 Motorola Credit Corporation,
5.83%, 04/28/00............... 30,411,642
69,300,000 Motorola, Inc., 5.88%,
05/09/00...................... 68,518,989
--------------
98,930,631
--------------
COSMETICS & TOILETRIES--1.7%
15,000,000 The Procter & Gamble Company,
5.75%, 03/30/00............... 14,930,521
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT -----
<C> <S> <C>
COMMERCIAL PAPER (CONTINUED)
15,000,000 The Procter & Gamble Company,
5.80%, 04/03/00............... 14,920,250
38,100,000 The Procter & Gamble Company,
5.82%, 04/10/00............... 37,853,620
--------------
67,704,391
--------------
FINANCIAL INSTITUTIONS--3.8%
50,000,000 General Electric Capital
Corporation, 5.74%,
03/10/00...................... 49,928,250
100,000,000 General Electric Capital
Corporation, 5.85%,
04/07/00...................... 99,398,750
--------------
149,327,000
--------------
FOOD--8.5%
100,000,000 Campbell Soup Company, 5.75%,
03/09/00...................... 99,872,222
45,000,000 H.J. Heinz Company, 5.80%,
04/04/00...................... 44,753,500
50,000,000 Kellogg Company, 5.80%,
03/08/00...................... 49,943,611
43,900,000 Kellogg Company, 5.75%,
03/09/00...................... 43,843,906
100,000,000 Sara Lee Corporation, 5.75%,
03/06/00...................... 99,920,139
--------------
338,333,378
--------------
MACHINERY--1.4%
54,969,000 Pitney Bowes, Inc., 5.72%,
03/13/00...................... 54,864,192
--------------
OIL AND GAS--7.5%
35,000,000 Chevron UK Investment PLC,
5.88%, 03/23/00............... 34,874,233
10,000,000 Chevron UK Investment PLC,
5.80%, 04/04/00............... 9,945,222
50,000,000 Chevron USA, Inc., 5.71%,
03/10/00...................... 49,928,625
55,000,000 Chevron USA, Inc., 5.81%,
04/10/00...................... 54,644,944
150,000,000 Exxon Mobil Corporation, 5.72%,
03/06/00...................... 149,880,833
--------------
299,273,857
--------------
OTHER INVESTMENT COMPANIES--2.5%
100,000,000 Ciesco, L.P., 5.81%,
04/04/00...................... 99,451,278
--------------
PHARMACEUTICAL--9.3%
100,000,000 Merck & Company, Inc., 5.75%,
03/07/00...................... 99,904,167
50,000,000 Merck & Company, Inc., 5.75%,
03/09/00...................... 49,936,111
90,000,000 Pfizer, Inc., 5.71%,
03/02/00...................... 89,985,725
60,000,000 Pfizer, Inc., 5.75%,
03/06/00...................... 59,952,083
</TABLE>
The accompanying notes are an integral part of the financial statements.
2
<PAGE> 4
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HERITAGE CASH TRUST -- MONEY MARKET FUND
STATEMENT OF NET ASSETS
FEBRUARY 29, 2000
(UNAUDITED)
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT -----
<C> <S> <C>
COMMERCIAL PAPER (CONTINUED)
$ 42,250,000 Schering Corporation, 5.75%,
03/02/00...................... $ 42,243,252
7,200,000 Schering Corporation, 5.75%,
03/07/00...................... 7,193,100
20,813,000 Schering Corporation, 5.75%,
03/14/00...................... 20,769,784
--------------
369,984,222
--------------
RETAIL STORES--2.4%
20,000,000 Albertson's Inc., 5.76%,
03/02/00...................... 19,996,800
75,000,000 Wal-Mart Stores Inc., 5.80%,
04/04/00...................... 74,589,167
--------------
94,585,967
--------------
TRANSPORTATION--3.8%
150,000,000 United Parcel Service, Inc.,
5.72%, 03/16/00............... 149,642,500
--------------
Total Domestic (cost $2,464,966,846)......... 2,464,966,846
--------------
FOREIGN--12.4%(B)
BANKS--2.5%
100,000,000 Abbey National North America,
5.90%, 03/08/00............... 99,885,278
--------------
COMMUNICATION SERVICES--3.7%
25,000,000 British Telecommunications,
PLC, 5.88%, 05/09/00.......... 24,718,250
50,000,000 British Telecommunications,
PLC, 5.89%, 05/10/00.......... 49,427,361
75,000,000 British Telecommunications,
PLC, 5.88%, 05/17/00.......... 74,056,750
--------------
148,202,361
--------------
FOOD--1.8%
70,000,000 Nestle Capital Corporation,
5.70%, 03/03/00............... 69,977,833
--------------
GOVERNMENT AGENCIES--4.4%
50,000,000 Export Development Corporation,
5.84%, 05/10/00............... 49,432,222
26,800,000 Province of British Columbia,
5.66%, 03/21/00............... 26,715,655
50,000,000 The Canadian Wheat Board,
5.84%, 05/09/00............... 49,440,334
50,000,000 The Canadian Wheat Board,
5.84%, 05/10/00............... 49,432,222
--------------
175,020,433
--------------
Total Foreign (cost $493,085,905)............ 493,085,905
--------------
Total Commercial Paper (cost
$2,858,601,473)............................. 2,858,601,473
--------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT -----
<C> <S> <C>
U.S. AGENCY SECURITIES--20.8%(A)
100,000,000 Fannie Mae, 5.71%, 04/13/00.... 99,317,375
100,000,000 Fannie Mae, 5.77%, 05/04/00.... 98,974,222
75,000,000 Fannie Mae, 5.765%, 05/04/00... 74,231,333
40,000,000 Federal Home Loan Bank, 5.05%,
03/01/00...................... 40,000,000
25,000,000 Federal Home Loan Bank, 5.16%,
03/08/00...................... 25,000,091
45,000,000 Federal Home Loan Bank, 5.51%,
03/10/00...................... 44,938,013
50,000,000 Federal Home Loan Bank, 5.01%,
04/28/00...................... 49,990,710
60,000,000 Freddie Mac, 5.61%, 03/14/00... 59,878,450
100,000,000 Freddie Mac, 5.67%, 03/16/00... 99,763,750
40,000,000 Freddie Mac, 5.76%, 05/04/00... 39,590,400
100,000,000 Freddie Mac, 5.78%, 05/04/00... 98,972,445
75,000,000 Student Loan Marketing
Association, 6.03%,
08/17/00...................... 75,000,000
19,950,000 Student Loan Marketing
Association, 6.20%,
07/20/00...................... 19,950,000
--------------
Total U.S. Agency Securities (cost
$825,606,789)............................... 825,606,789
--------------
CORPORATE NOTES--3.8%(A)
BANKS--3.8%
50,000,000 Bank of America, N.A., Bank
Note, 5.93%, 04/17/00......... 50,000,000
100,000,000 Fifth Third Bank, Bank Note,
5.80%, 03/16/00............... 100,000,000
--------------
Total Corporate Notes (cost $150,000,000).... 150,000,000
--------------
Total Investment Portfolio excluding
repurchase agreement (cost
$3,933,659,540)............................. 3,933,659,540
--------------
REPURCHASE AGREEMENT--1.2%(A)
Repurchase Agreement with State Street Bank
and Trust Company, dated February 29, 2000
@ 5.52% to be repurchased at $46,861,184 on
March 01, 2000, collateralized by $43,505,000
United States Treasury Bonds, 13.38% due
August 15, 2001, (market value $47,800,596
including interest) (cost $46,854,000)....... 46,854,000
--------------
TOTAL INVESTMENT PORTFOLIO
(cost $3,980,513,540)(c), 100.3%(a)......... 3,980,513,540
OTHER ASSETS AND LIABILITIES, net,
(0.3%)(a)................................... (13,770,537)
--------------
NET ASSETS, (consisting of paid-in-capital
net of accumulated net realized loss of
$267,178) 100.0%............................. $3,966,743,003
==============
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE> 5
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HERITAGE CASH TRUST -- MONEY MARKET FUND
STATEMENT OF NET ASSETS
FEBRUARY 29, 2000
(UNAUDITED)
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<C> <S> <C>
CLASS A SHARES
Net asset value, offering and redemption
price per share, ($3,963,794,251 divided by
3,964,061,430 shares outstanding)............ $1.00
==============
CLASS B SHARES
Net asset value, offering and redemption
price per share, ($763,399 divided by 763,399
shares outstanding).......................... $1.00
==============
CLASS C SHARES
Net asset value, offering and redemption
price per share, ($2,185,353 divided by
2,185,352 shares outstanding)................ $1.00
==============
- ---------------
(a) Percentages indicated are based on net assets.
(b) U.S. dollar denominated.
(c) The aggregate identified cost for federal income tax
purposes is the same.
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
<PAGE> 6
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HERITAGE CASH TRUST -- MONEY MARKET FUND
STATEMENT OF OPERATIONS
FOR THE SIX-MONTH PERIOD ENDED FEBRUARY 29, 2000
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Investment Income:
Interest.................................................... $ 105,318,200
Expenses (Notes 1 and 4):
Management fee............................................ $ 7,891,543
Distribution fee (Class A Shares)......................... 2,781,194
Distribution fee (Class B Shares)......................... 656
Distribution fee (Class C Shares)......................... 1,816
Shareholder servicing fees................................ 2,060,114
Federal registration fees................................. 217,482
Custodian/Fund accounting fees............................ 191,683
State qualification expenses.............................. 189,244
Reports to shareholders................................... 97,555
Professional fees......................................... 19,157
Insurance expense......................................... 8,631
Trustees' fees and expenses............................... 4,227
Other..................................................... 13,737
--------------
Total expenses...................................... 13,477,039
--------------
Net investment income....................................... 91,841,161
Realized Gains on Investment
Net realized gain from investment transactions.............. 646
--------------
Net increase in net assets resulting from operations........ $ 91,841,807
==============
</TABLE>
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE SIX-MONTH
PERIOD ENDED FOR THE
FEBRUARY 29, 2000 YEAR ENDED
(UNAUDITED) AUGUST 31, 1999
----------------- ---------------
<S> <C> <C>
Increase in net assets:
Operations:
Net investment income..................................... $ 91,841,161 $ 124,686,214
Net realized gain from investment transactions............ 646 334
-------------- --------------
Net increase in net assets resulting from operations...... 91,841,807 124,686,548
Distributions to shareholders from:
Net investment income and net realized gains Class A
Shares, ($0.025 and $0.044 per share, respectively)..... (91,760,344) (124,570,592)
Net investment income and net realized gains Class B
Shares, ($0.025 and $0.044 per share, respectively)..... (21,483) (16,288)
Net investment income and net realized gains Class C
Shares, ($0.025 and $0.044 per share, respectively)..... (59,334) (99,334)
Increase in net assets from Fund share transactions (Note
2)........................................................ 856,448,155 615,753,625
-------------- --------------
Increase in net assets...................................... 856,448,801 615,753,959
Net assets, beginning of period............................. 3,110,294,202 2,494,540,243
-------------- --------------
Net assets, end of period................................... $3,966,743,003 $3,110,294,202
============== ==============
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE> 7
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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>
CLASS A SHARES CLASS B SHARES
-------------------------------------------------------------- --------------------------------
FOR THE SIX- FOR THE SIX-
MONTH PERIOD MONTH PERIOD
ENDED FOR THE YEARS ENDED ENDED FOR THE YEARS ENDED
FEBRUARY 29, AUGUST 31, FEBRUARY 29, AUGUST 31,
2000 ----------------------------------------------- 2000 ---------------------
(UNAUDITED) 1999 1998 1997 1996 1995 (UNAUDITED) 1999 1998
------------ ------- ------- ------- ------- ------- ------------ ------- ------- +
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- ------- ------- ------- -------
Income from Investment
Operations:
Net investment income(a)... 0.025 0.044 0.049 0.047(b) 0.048 0.050(b) 0.025 0.044 0.027
Less Distributions:
Dividends from net
investment income and net
realized gains(a)........ (0.025) (0.044) (0.049) (0.047) (0.048) (0.050) (0.025) (0.044) (0.027)
------- ------- ------- ------- ------- ------- ------- ------- -------
Net asset value, end of
period..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= ======= ======= ======= =======
Total Return(%)............. 2.46(c) 4.46 4.99 4.85 4.89 5.00 2.46(c) 4.46 2.70
Ratios(%)/Supplemental Data:
Operating expenses, net, to
average daily net
assets(b)................ 0.73(d) 0.73 0.75 0.76 0.78 0.79 0.73(d) 0.73 0.75
Net investment income to
average daily net
assets(b)................ 4.95(d) 4.37 4.88 4.74 4.78 5.00 4.91(d) 4.37 4.86
Net assets, end of period
($ millions)............. 3,964 3,106 2,492 2,016 1,641 1,294 1 1 0
<CAPTION>
CLASS C SHARES
----------------------------------------------------
FOR THE SIX-
MONTH PERIOD
ENDED FOR THE YEARS ENDED
FEBRUARY 29, AUGUST 31,
2000 -----------------------------------------
(UNAUDITED) 1999 1998 1997 1996
------------ ------- ------- ------- ------- ++
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- -------
Income from Investment
Operations:
Net investment income(a)... 0.025 0.044 0.049 0.047(b) 0.02
Less Distributions:
Dividends from net
investment income and net
realized gains(a)........ (0.025) (0.044) (0.049) (0.047) (0.023)
------- ------- ------- ------- -------
Net asset value, end of
period..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= =======
Total Return(%)............. 2.46(c) 4.46 4.99 4.85 2.34 (c)
Ratios(%)/Supplemental Data:
Operating expenses, net, to
average daily net
assets(b)................ 0.73(d) 0.73 0.75 0.77 0.75 (d)
Net investment income to
average daily net
assets(b)................ 4.90(d) 4.37 4.87 4.72 4.62 (d)
Net assets, end of period
($ millions)............. 2 3 3 1 0
</TABLE>
- ---------------
+ For the period January 2, 1998 (commencement of Class B Shares) to August
31, 1998.
++ For the period February 29, 1996 (commencement of Class C Shares) to August
31, 1996.
(a) Includes net realized gains and losses which were less than $.001 per share
for each of the periods.
(b) Excludes management fees waived by the Manager in the amount of less than
$.001 per share, for the year ended August 31, 1995. The operating expense
ratio including such items would have been .81%. The year ended August 31,
1997 includes recovery of previously waived management fees paid to the
manager of less than $.01 per shares. The operating expense ratios for
fiscal 1997, excluding such items would have been .75% for Class A and C
Shares.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of the financial statements.
6
<PAGE> 8
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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 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 three classes of shares, Class A, Class B
and Class C Shares. Class A Shares, B Shares and C Shares may be
acquired by direct purchase or through exchange of shares of the
corresponding class of another Heritage Mutual Fund. The preparation of
financial statements in accordance with accounting principles generally
accepted in the United States 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.
Expenses: The Fund is charged for those expenses which are directly
attributable to it, such as management fee, custodian fees, distribution
fee, etc., while other expenses such as insurance expense, are allocated
proportionately among the Heritage Funds. Expenses of the Fund are
allocated to each class of shares based upon their relative percentage
of current net assets. All expenses that are directly attributable to a
specific class of shares, such as distribution fees, are charged
directly to that class.
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.
7
<PAGE> 9
- --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
(CONTINUED)
- --------------------------------------------------------------------------------
Note 2: FUND SHARES. At February 29, 2000, there was an unlimited number of
shares of beneficial interest of no par value authorized.
Transactions in Class A, B and C Shares and dollars of the Fund during
the six-month period ended February 29, 2000 at a constant net asset
value of $1.00 per share, were as follows:
<TABLE>
<CAPTION>
A SHARES B SHARES C SHARES
--------------- --------- -----------
<S> <C> <C> <C>
FOR THE PERIOD ENDED FEBRUARY 29, 2000 (UNAUDITED)
Shares sold.............................................. 8,679,712,951 757,993 2,313,232
Shares issued on reinvestment of distributions........... 90,306,296 21,125 57,798
Shares redeemed.......................................... (7,912,631,097) (788,086) (3,302,057)
--------------- --------- -----------
Net increase (decrease)................................ 857,388,150 (8,968) (931,027)
Shares outstanding:
Beginning of period.................................... 3,106,673,280 772,367 3,116,379
--------------- --------- -----------
End of period.......................................... 3,964,061,430 763,399 2,185,352
=============== ========= ===========
</TABLE>
Transactions in Class A, B and C Shares and dollars of the Fund during
the fiscal year ended August 31, 1999 at a constant net asset value of
$1.00 per share, were as follows:
<TABLE>
<CAPTION>
A SHARES B SHARES C SHARES
--------------- --------- -----------
<S> <C> <C> <C>
FOR THE YEAR ENDED AUGUST 31, 1999
Shares sold.............................................. 12,243,076,872 1,195,002 15,293,169
Shares issued on reinvestment of distributions........... 123,619,027 16,090 94,112
Shares redeemed.......................................... (11,751,949,340) (650,372) (14,940,935)
--------------- --------- -----------
Net increase........................................... 614,746,559 560,720 446,346
Shares outstanding:
Beginning of year...................................... 2,491,926,721 211,647 2,670,033
--------------- --------- -----------
End of year............................................ 3,106,673,280 772,367 3,116,379
=============== ========= ===========
</TABLE>
Note 3: PURCHASES AND MATURITIES OF SECURITIES. For the six-month period ended
February 29, 2000, purchases, sales and maturities of short-term
investment securities, excluding repurchase agreements, aggregated
$22,451,877,583 and $21,720,457,856, respectively. Purchases and
maturities of U.S. Government obligations, aggregated $1,768,763,675 and
$1,526,617,229, respectively.
8
<PAGE> 10
- --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
(CONTINUED)
- --------------------------------------------------------------------------------
Note 4: MANAGEMENT, 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, 0.40% of the next
$500,000,000, and 0.375% of any excess over $2,500,000,000 of such net
assets, computed daily and payable monthly. The amount payable to the
Manager as of February 29, 2000 was $1,368,119. Pursuant to the current
registration statement, the Manager has agreed to waive its fees or
other expenses and, if necessary, reimburse the Fund to the extent that
Class A, Class B and Class C annual operating expenses exceed .74% of
the average daily net assets attributable to that class for the fiscal
year ending August 31, 2000. No fees were waived and no expenses were
reimbursed for the six-month period ended February 29, 2000.
The Manager is also the Dividend Paying, Shareholder Servicing Agent and
Fund Accountant for the Fund. The Manager charged $2,060,114 for
Dividend Paying and Shareholder Servicing and $26,466 for Fund
Accounting services, of which $695,460 and $9,200 was payable as of
February 20, 2000, respectively.
Raymond James & Associates, Inc. (the "Distributor") has advised the
Fund that it received $802 in contingent deferred sales charges for
Class B Shares and $2,358 in contingent deferred sales charges for Class
C Shares during the six-month period ended February 29, 2000.
Pursuant to plans adopted in accordance with Rule 12b-1 of the
Investment Company Act of 1940, as amended, the Fund pays the
Distributor a fee of up to 0.15% of average daily net assets for the
services it provides in connection with the promotion and distribution
of Class A, Class B and Class C Fund shares. Such fee is accrued daily
and payable monthly. The amount payable to the Distributor as of
February 29, 2000 was $467,821. 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
and Heritage Series Trust, 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 portfolio in the
Heritage Mutual Funds.
Note 5: FEDERAL INCOME TAXES. As of August 31, 1999, the Fund has net tax basis
capital loss carryforwards of $283,543, in the aggregate. Capital loss
carryforwards in the amount of $334 were utilized in the year ended
August 31, 1999. Capital loss carryforwards in the amount of $8,666,
$6,037, $235,118 and $33,722 may be applied to any net taxable gains
until their expiration dates in 2002, 2003, 2004, and 2005,
respectively.
9
<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:
o HERITAGE CASH TRUST
MUNICIPAL MONEY MARKET FUND
o HERITAGE CAPITAL APPRECIATION TRUST
o HERITAGE INCOME-GROWTH TRUST
o HERITAGE INCOME TRUST
HIGH YIELD BOND FUND
INTERMEDIATE GOVERNMENT FUND
o HERITAGE SERIES TRUST
AGGRESSIVE GROWTH FUND
EAGLE INTERNATIONAL EQUITY PORTFOLIO
GROWTH EQUITY FUND
MID CAP STOCK FUND
SMALL CAP STOCK FUND
TECHNOLOGY FUND
VALUE EQUITY FUND
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> 12
[Heritage Logo]
Heritage Cash Trust - Money Market Fund
P.O. Box 33022
St. Petersburg, FL 33733
Address Service 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
High Yield
Intermediate Government
HERITAGE STOCK FUNDS
Aggressive Growth
Capital Appreciation
Growth Equity
Income-Growth
International
Mid Cap
Small Cap
Technology
Value Equity
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.
325m 2/00 [Recycled Logo] Printed on recycled paper AR53615mm
