| Investment Process |
| Portfolio Highlights |
| Fund PDF Fact Sheet |
| Fund Returns |
| Daily Prices (NAVs) |
| Money Market Yields |
| Top Holdings & Industries |
| Prospectuses |
(800) 421-4184
(727) 567-8143
International Equity Fund Profile (as of 3/31/08)
Key Facts (as of 3/31/08)| Class | Inception | Symbol | Fund Cusip |
| A Shares | 12/27/95 | HEIAX | 42725G-886 |
| C Shares | 12/27/95 | HEICX | 42725G-878 |
| Total net assets | $313.28 million | ||
| Total number of holdings | 410 | ||
| Initial minimum investment | $1,000 + | ||
| Retirement account minimum | $500 + | ||
| Subsequent investment | No minimum | ||
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+ Shareholders may establish an automatic investment plan with an initial investment of $50 and subsequent investments of $50 per month. |
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Top Holdings, Countries and Asset Allocation (as of 3/31/08)
| Top Holdings | Top Countries | ||
| iShares DJ Euro Stoxx 50 | 4.11% | France | 8.98% |
| OTP Bank | 2.69% | United Kingdom | 7.44% |
| Komercni Banka | 2.56% | Germany | 7.33% |
| OMV | 1.47% | Japan | 6.21% |
| Holcim | 1.34% | Switzerland | 5.44% |
| State Bank of India Warrants | 1.33% | ||
| Total SA | 1.28% | ||
| iShares MSCI Taiwan Index Fund | 1.26% | Asset Allocation | |
| Nokia | 1.26% | Invested Portfolio | 96.44% |
| Rio Tinto | 1.25% | Cash/Other | 3.56% |
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. |
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Performance Highlights
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Average annual total returns for periods through March 31, 2008. |
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| (excluding sales charge) |
(including sales charge) |
Expense ratio | ||
| Class A shares | ||||
| Life of class (12/27/95) | 7.25% | 6.83% | 1.41% | |
| 10-year | 5.72% | 5.20% | ||
| 5-year | 22.10% | 20.92% | ||
| 3-year | 16.67% | 14.80% | ||
| 1-year | -0.18% | -4.92% | ||
| Year-to-date (not annualized) | -10.20% | -14.47% | ||
Class C shares |
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| Life of class (12/27/95) | 6.45% | 6.45% | 2.17% | |
| 10-year | 4.93% | 4.93% | ||
| 5-year | 21.18% | 21.18% | ||
| 3-year | 15.81% | 15.81% | ||
| 1-year | -0.91% | -0.91% | ||
| Year-to-date (not annualized) | -10.35% | -11.24% | ||
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*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 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. |
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Investment Process
The portfolio managers invest in "growth" and "value" companies. This gives them the flexibility to choose stocks that are best suited for achieving the fund's objectives.
They use different investment tactics for different markets. The countries in which the managers invest are selected based upon macro-economic and political factors. In developed markets, they use a bottom-up analytical approach, where they pick stocks by relying more on the fundamentals and outlook of each company. When researching companies in the emerging markets, the portfolio managers use a top-down approach-making investment decisions based on their perception of the current and future macro-economic picture. For the Japanese market, the managers utilize a hybrid approach, employing a combination of the top-down and bottom-up investment techniques.
Portfolio Highlights
The fund is a core portfolio, and is not limited to investing in companies of a specific market capitalization. However, management favors investments in large- and mid-cap companies,
The fund's portfolio managers look for companies that are dominant competitors or are in dynamic transition, meaning that they may be candidates for revaluation due to the introduction of new products or innovations, new management, regulatory changes, or mergers and/or acquisitions,
Fund management's stock research/ selection process includes the utilization of direct company contact, an internal company research network, external third-party (broker) research, and research databases.
A Word about Risk
International investing presents specific risks, such as currency fluctuations, differences in financial accounting standards, and potential political and economic instability. These risks are further accentuated in emerging market countries, where risks can also include possible economic dependency on revenues from particular commodities or on international aid or development assistance, currency transfer restrictions, and liquidity risks related to lower trading volumes. 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.
| Fund Objective |
Seeks long-term capital appreciation by investing primarily in the equity securities of companies that are believed to have significant growth potential.
Meet the Managers
Richard Pell Richard C. Pell is Chief Executive Officer at Artio Global Investors, Inc., the holding company of Artio Global Management, LLC (both formerly Julius Baer), where he serves as Chief Investment Officer. He joined the firm in 1995. Mr. Pell has a BA from the University of California, Berkeley, and an MBA in finance from New York University. Years of Investment Experience: 23 Assumed Management: July 2002 |
Rudolph-Riad Younes, CFA Rudolph-Riad Younes, CFA, is Managing Director, Head of International Equities at Artio Global. He joined the firm in 1993. Mr. Younes received an MS from Columbia University and an MBA from Yale University. Years of Investment Experience: 17 Assumed Management: July 2002 |