| Investment Process |
| Portfolio Highlights |
| Fund Returns |
| Daily Prices (NAVs) |
| Money Market Yields |
| Top Holdings & Industries |
| Prospectuses |
(800) 421-4184
(727) 567-8143
Core Equity Fund Profile (as of 6/30/08)
Key Facts (as of 6/30/08)| Class | Inception | Symbol | Fund Cusip |
| A Shares | 5/2/05 | HTCAX | 42725G-720 |
| C Shares | 5/2/05 | HTCCX | 42725G-712 |
| Total net assets | $199.26 million | ||
| Total number of holdings | 39 | ||
| 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 | ||
| Microsoft | 5.08% | Retail | 12.84% |
| CVS Caremark | 4.50% | Software | 7.28% |
| General Electric | 4.40% | Healthcare Products | 6.62% |
| Comcast | 3.75% | Diversified Manufacturers | 6.46% |
| Applied Materials | 3.65% | Banks | 6.37% |
| Johnson & Johnson | 3.55% | ||
| BP | 3.54% | ||
| Pfizer | 3.50% | Asset Allocation | |
| Omnicom Group | 3.37% | Invested Portfolio | 92.02% |
| Staples | 3.36% | Cash/Other | 7.98% |
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 (5/2/05) | 0.88% | -0.66% | 1.28% |
| 3-year | 0.62% | -1.00% | |
| 1-year | -17.72% | -21.63% | |
| Year-to-date (not annualized) | -13.79% | -17.89% | |
| Class C shares | |||
| Life of class (5/2/05) | 0.08% | 0.08% | 2.11% |
| 3-year | -0.17% | -0.17% | |
| 1-year | -18.41% | -18.41% | |
| Year-to-date (not annualized) | -14.17% | -15.03% | |
|
*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 "core" strategy puts the emphasis on selecting holdings in established companies that are expected to exhibit consistent earnings growth - not style factors like "growth" or "value." The added flexibility of the core approach allows the portfolio management team to evaluate a wider range of securities that meet their investment criteria.
Portfolio Highlights
One Stock at a Time
The portfolio management team combines rigorous fundamental research, a five-year time horizon, and a strong price discipline to pick stocks for the portfolio. The team’s efforts are focused on developing proprietary earnings models for each company and selecting stocks at prices they deem reasonable, rather than attempting to anticipate the direction of the broad market.
Team Management at its Best
Richard H. Skeppstrom, II; John G. "Jay" Jordan, III; E. Craig Dauer and Robert R. Marshall, of Eagle Asset Management, Inc., are portfolio co-managers of Heritage Core Equity Fund. Each portfolio co-manager is a sector specialist, and is responsible for picking stocks in his area of expertise. Each co-manager has buy-and-sell authority and is accountable for his holdings performance.
Portfolio Characteristics
- 25 to 40 stocks
- Sector weightings +/- 10% of S&P 500 benchmark
- Established businesses – market capitalization typically greater
- than $5 billion at time of purchase
Because the fund normally will hold a focused portfolio of stocks of fewer companies than many other diversified funds, the increase or decrease of the value of a single stock may have a greater impact on the fund's net asset value and total return.
A Word about Risk
Investing is based on the expectation of positive price performance due to continued earnings growth or anticipated changes in the market or within the company itself. However, if a company fails to meet that expectation or anticipated changes do not occur, its stock price may decline. Moreover, as with all equity investing, there is the risk that an unexpected change in the market or within the company itself may have an adverse effect on its stock. Investing in growth-oriented stocks involves potentially higher volatility and risk than investing in income-generating stocks. The biggest risk of equity investing is that returns can fluctuate and investors can lose money.
Eagle Asset Management, the subadviser is an affiliate of Heritage Asset Management, Inc., the investment adviser
| Fund Objective |
Seeks long-term capital appreciation.
Meet the Managers
Four portfolio co-managers employ the same disciplined, research-driven strategy to select stocks for the Heritage Core Equity Fund portfolio. Richard H. Skeppstrom, II,Portfolio Co-Manager Years of Investment Experience: 17 Mr. Skeppstrom is a managing director at Eagle Asset Management, Inc. Previously, Mr. Skeppstrom was a portfolio manager for the Large Cap product at Evergreen Investment Management and comanager of the Evergreen Capital Growth Fund. He earned a B.A. in Mathematics from the University of Virginia in 1985 and an M.B.A. from Darden Graduate School of Business at the University of Virginia in 1990. John G. "Jay" Jordan, III, CFA Portfolio Co-Manager Years of Investment Experience: 17 Prior to joining Eagle, Mr. Jordan was a portfolio co-manager for the Evergreen Investment Management Large Cap Core product. Jordan earned a B.S. in Finance from the University of Virginia in 1990. He became a CFA charterholder in 1994. E. Craig Dauer, CFA Portfolio Co-Manager Years of Investment Experience: 14 Before joining Eagle, Mr. Dauer was a portfolio co-manager for the Evergreen Investment Management Large Cap Core product and was an equity analyst with First Union Capital Markets. He earned a B.A. in Asian Studies, with a minor in Economics, from Colgate University. He earned his M.B.A. from Darden Graduate School of Business at the University of Virginia in 1996. Robert R. Marshall Portfolio Co-Manager Years of Investment Experience: 21 Before joining Eagle, Mr. Marshall was director/senior vice president of equity research at Wachovia Securities. He was listed in The Wall Street Journal’s “Best on the Street” surveys in 2000, 2001, and 2002. He earned a B.A. in Economics from the University of Virginia in 1985 and an M.B.A. from Santa Clara (California) University in 1991. |