Heritage Asset Management - Diversified Growth Fund

Diversified Growth Fund Profile (as of 6/30/08)

Key Facts (as of 6/30/08)

Class	Inception	Symbol	Fund Cusip
A Shares	8/20/98	HAGAX	42725G-787
C Shares	8/20/98	HAGCX	42725G-761
Total net assets	$198.55 million
Total number of holdings	60
Initial minimum investment	$1,000 ⁺
Retirement account minimum	$500 ⁺
Subsequent investment	No minimum
+ Shareholders may establish an automatic investment plan with an initial investment of $50 and subsequent investments of $50 per month.

Top Holdings, Industries and Asset Allocation (as of 6/30/08)

Top Holdings		Top Industries
Petrohawk Energy	3.37%	Oil & Gas	9.02%
Ansys	3.24%	Software	8.60%
Quanta Services	2.73%	Commercial Services	7.30%
Intuitive Surgical	2.72%	Electronics	6.61%
Celgene	2.56%	Healthcare Products	6.51%
Southwestern Energy	2.52%
General Cable	2.49%
Oceaneering International	2.42%	Asset Allocation
Hologic	2.29%	Invested Portfolio	94.56%
Denbury Resources	2.27%	Cash/Other	5.44%
The information provided above should not be construed as a recommendation to buy, sell or hold any particular security. The data is shown for informational purposes only and is not indicative of future portfolio characteristics or returns. Portfolio holdings are not stagnant and may change over time without prior notice.

Performance Highlights

Average annual total returns for periods through June 30, 2008.
	(excluding sales charge)	(including sales charge)	Expense ratio
Class A shares
Life of class (8/20/98)	13.81%	13.25%	1.36%
5-year	12.69%	11.60%
3-year	12.72%	10.91%
1-year	6.97%	1.89%
Year-to-date (not annualized)	-0.92%	-5.63%

Class C shares
Life of class (8/20/98)	12.97%	12.97%	2.11%
5-year	11.87%	11.87%
3-year	11.89%	11.89%
1-year	6.21%	6.21%
Year-to-date (not annualized)	-1.26%	-2.25%
*Performance data quoted represents past performance which does not guarantee future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Net performance reflects a front-end sales charge of 4.75% for A shares. A 1% CDSC for C shares is charged on redemptions made within 12 months of purchase, but not at one year. Performance data quoted reflects reinvested dividends and capital gains. Current performance may be higher or lower than the performance data quoted. To obtain more current performance please visit the Returns and Prices section of the website. Past performance does not guarantee future results. Please consider the investment objectives, risks, charges, and expenses of any fund carefully before investing. Contact Heritage at (800) 421-4184 or your financial advisor for a prospectus, which contains this and other important information about the funds. Read the prospectus carefully before you invest or send money. Not FDIC insured. No bank guarantee. May lose value. Heritage Fund Distributors, Inc., Member FINRA. 880 Carillon Parkway, St. Petersburg, FL 33716

Investment Process

The fund's portfolio manager goes to great lengths to uncover information about the companies he selects. Before investing in companies for the portfolio, management and/or research analysts frequently:

Conduct on-site visits to meet the company's management, evaluate their roles and capabilities, review the company's policies and procedures, and consider other factors that may affect its success, and
Look for companies with a positive catalyst for growth, such as a new product, acquisition, divestiture, restructuring or change in the marketplace.

Some of the factors that may affect a decision to sell a stock position include changes in a company's management, slower earnings growth, adverse market conditions, or a stock’s percentage becoming too large in the portfolio.

Portfolio Highlights

The fund seeks to invest in companies with above-average growth potential, both emerging and more established companies, that may be undiscovered or undervalued in the market.

The fund is not limited to investing in companies in specific sectors, industries, or of a specific market capitalization. However, management favors investments in small- and mid-cap companies.

Small- and mid-cap investing generally involves greater risks.

A Word about Risk

Growth companies are expected to increase their earnings at a certain rate. When these expectations are not met, investors may punish the stocks excessively, even if earnings showed an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns. Investing in small- and mid-cap stocks may involve greater risks than investing in larger, more established companies. These companies often have narrow markets and more limited managerial and financial resources. The companies engaged in the technology industry are subject to fierce competition and their products and services may be subject to rapid obsolescence. The values of these companies tend to fluctuate sharply.

Eagle Asset Management, the subadviser is an affiliate of Heritage Asset Management, Inc., the investment adviser