N-Q 1 nq.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file Number: 811-7470 HERITAGE SERIES TRUST (Exact name of Registrant as Specified in Charter) 880 Carillon Parkway St. Petersburg, FL 33716 (Address of Principal Executive Office) (Zip Code) Registrant's Telephone Number, including Area Code: (727) 573-3800 RICHARD K. RIESS, PRESIDENT 880 Carillon Parkway St. Petersburg, FL 33716 (Name and Address of Agent for Service) Copy to: CLIFFORD J. ALEXANDER, ESQ. Kirkpatrick & Lockhart LLP 1800 Massachusetts Avenue, NW Washington, D.C. 20036 Date of fiscal year end: October 31 Date of reporting period: July 31, 2004 ITEM 1. SCHEDULE OF INVESTMENTS
------------------------------------------------------------------------------------------------------------------- HERITAGE SERIES TRUST - DIVERSIFIED GROWTH FUND INVESTMENT PORTFOLIO JULY 31, 2004 (UNAUDITED) ------------------------------------------------------------------------------------------------------------------- % OF NET SHARES VALUE ASSETS ------ -------------- ------ COMMON STOCKS AEROSPACE/DEFENSE Alliant Techsystems, Inc.* 18,600 $ 1,171,056 0.8% ---------------- ---------- APPAREL Columbia Sportswear Company* 28,800 1,576,800 1.0% ---------------- ---------- BIOTECHNOLOGY Celgene Corporation* 13,500 719,955 0.5% Invitrogen Corporation* 44,000 2,309,120 1.5% Martek Biosciences Corporation* 22,600 1,069,432 0.7% ---------------- ---------- 4,098,507 2.7% COMMERCIAL SERVICES University of Phoenix Online* 55,300 4,765,201 3.2% Weight Watchers International Inc.* 74,225 2,875,477 1.9% ---------------- ---------- 7,640,678 5.1% COMPUTERS FactSet Research Systems Inc. 87,900 3,792,885 2.5% ---------------- ---------- ELECTRICAL COMPONENTS & EQUIPMENT American Power Conversion Corporation 60,800 918,080 0.6% ---------------- ---------- ELECTRONICS AU Optronics Corp. 104,000 1,222,000 0.8% Vishay Intertechnology, Inc.* 45,200 700,600 0.5% Waters Corporation* 6,800 298,384 0.2% ---------------- ---------- 2,220,984 1.5% ENTERTAINMENT GTECH Holdings Corporation 132,900 5,630,973 3.7% International Game Technology 89,300 2,887,962 1.9% ---------------- ---------- 8,518,935 5.6% FINANCIAL SERVICES Ameritrade Holding Corporation* 378,200 4,194,238 2.8% Doral Financial Corporation 43,800 1,719,150 1.1% T. Rowe Price Group, Inc. 51,900 2,398,818 1.6% ---------------- ---------- 8,312,206 5.5% HEALTHCARE PRODUCTS Cooper Companies, Inc. 26,100 1,551,645 1.0% INAMED Corporation* 88,200 4,778,676 3.2% ResMed Inc.* 83,100 4,071,900 2.7% Stryker Corporation 120,000 5,721,600 3.8% Varian Medical Systems Inc.* 34,800 2,401,548 1.6% ---------------- ---------- 18,525,369 12.3% INSURANCE AMBAC Financial Group, Inc. 45,100 3,207,061 2.1% Brown & Brown, Inc. 24,400 1,037,488 0.7% Radian Group Inc. 31,500 1,449,630 1.0% The PMI Group, Inc. 36,500 1,504,895 1.0% ---------------- ---------- 7,199,074 4.8% INTERNET Check Point Software Technologies Ltd.* 77,500 1,541,475 1.0% InterActiveCorp* 46,850 1,279,005 0.8% WebMD Corporation* 713,100 5,804,634 3.9% ---------------- ---------- 8,625,114 5.7% LEISURE TIME Carnival Corporation 36,725 1,711,752 1.1% Royal Caribbean Cruises, Ltd. 63,400 2,710,350 1.8% ---------------- ---------- 4,422,102 2.9% LODGING Harrah's Entertainment, Inc. 110,800 5,151,092 3.4% Station Casinos, Inc. 106,625 4,606,200 3.1% ---------------- ---------- 9,757,292 6.5% LOGIC SEMICONDUCTORS Altera Corporation* 235,800 4,909,356 3.3% ---------------- ---------- MEMORY & COMMODITY SEMICONDUCTORS Integrated Device Technology, Inc.* 152,725 1,745,647 1.2% ---------------- ---------- OIL & GAS Patterson-UTI Energy, Inc. 370,800 6,759,684 4.5% ------------------------------------------------------------------------------------------------------------------- HERITAGE SERIES TRUST - DIVERSIFIED GROWTH FUND INVESTMENT PORTFOLIO JULY 31, 2004 (UNAUDITED) ------------------------------------------------------------------------------------------------------------------- % OF NET SHARES VALUE ASSETS ------ -------------- ------ Valero Energy Corporation 40,100 3,004,292 2.0% ---------------- ---------- 9,763,976 6.5% OIL & GAS SERVICES BJ Services Company 72,900 3,620,214 2.4% ---------------- ---------- PHARMACEUTICALS Caremark Rx, Inc.* 80,700 2,461,350 1.6% ---------------- ---------- RETAIL The Cheesecake Factory Inc.* 51,200 2,138,624 1.4% ---------------- ---------- SEMICONDUCTOR EQUIPMENT ASML Holding N.V.* 230,475 3,275,050 2.2% ---------------- ---------- SOFTWARE Datastream Systems, Inc.* 300,000 1,959,000 1.3% Electronic Arts Inc.* 63,400 3,178,242 2.1% Red Hat, Inc.* 248,600 4,256,032 2.8% ---------------- ---------- 9,393,274 6.2% TELECOMMUNICATIONS Amdocs Ltd.* 109,900 2,384,830 1.6% Avaya Inc.* 253,000 3,706,450 2.5% Comverse Technology, Inc.* 218,100 3,720,785 2.5% Nextel Partners Inc.* 292,200 4,695,654 3.1% Scientific-Atlanta, Inc. 25,600 787,200 0.5% ---------------- ---------- 15,294,919 10.2% TRANSPORTATION Teekay Shipping Corporation 78,700 3,130,686 2.1% ---------------- ---------- Total Common Stocks 142,512,178 94.6% REPURCHASE AGREEMENT Repurchase Agreement with State Street Bank and Trust Company, dated July 30, 2004 @ 1.18% to be repurchased at $7,993,786 on August 2, 2004, collateralized by $6,685,000 United States Treasury Bonds, 6.75% due August 15, 2026, (market value $8,162,501 including interest) 7,993,000 5.3% ---------------- ---------- TOTAL INVESTMENT PORTFOLIO (cost $135,917,832) (a) 150,505,178 99.9% OTHER ASSETS AND LIABILITIES, net, 181,447 0.1% ---------------- ---------- NET ASSETS $150,686,625 100.0% ================ ========== --------
------------------------------------------------------------------------- * Non-income producing security. (a) The aggregate identified cost for federal income tax purposes is substantially the same. Market value includes net unrealized appreciation of $14,587,346 which consists of aggregate gross unrealized appreciation for all securities in which there is an excess of market value over tax cost of $19,041,057 and aggregate gross unrealized depreciation for all securities in which there is an excess of tax cost over market value of $4,453,711.
---------------------------------------------------------------------------------------------------------------- HERITAGE SERIES TRUST - GROWTH EQUITY FUND INVESTMENT PORTFOLIO JULY 31, 2004 (UNAUDITED) ---------------------------------------------------------------------------------------------------------------- % OF NET SHARES VALUE ASSETS ------ ----- ------ COMMON STOCKS ANALOG SEMICONDUCTORS Maxim Integrated Products 84,800 $ 4,078,880 1.7% ----------------- ------------ BEVERAGES The Coca-Cola Company 96,800 4,245,648 1.8% ----------------- ------------ BIOTECHNOLOGY Amgen Inc.* 80,500 4,578,840 1.9% Genzyme Corporation, General Division* 79,050 4,053,684 1.7% ----------------- ------------ 8,632,524 3.6% BROADCASTING SERVICES/PROGRAMS Clear Channel Communications, Inc. 85,800 3,063,060 1.3% ----------------- ------------ COMMERCIAL SERVICES Accenture Ltd., Class "A"* 50,200 1,236,426 0.5% Cendant Corporation 136,650 3,126,552 1.3% Jackson Hewitt Tax Service Inc.* 63,000 1,096,200 0.5% ----------------- ------------ 5,459,178 2.3% COMMUNICATION SEMICONDUCTORS Applied Micro Circuits Corporation* 208,000 748,800 0.3% ----------------- ------------ COMPUTERS Dell, Inc.* 211,600 7,505,452 3.2% EMC Corporation* 310,900 3,410,573 1.5% ----------------- ------------ 10,916,025 4.7% DIVERSIFIED MANUFACTURER General Electric Company 307,900 10,237,675 4.4% ----------------- ------------ ELECTRICAL COMPONENTS & EQUIPMENT Emerson Electric Company 59,700 3,623,790 1.5% ----------------- ------------ ELECTRONICS Jabil Circuit, Inc.* 161,250 3,507,188 1.5% ----------------- ------------ ENTERTAINMENT International Game Technology 61,300 1,982,442 0.8% ----------------- ------------ FINANCIAL SERVICES Citigroup Inc. 109,733 4,838,128 2.1% Goldman Sachs Group, Inc. 50,000 4,409,500 1.9% J.P. Morgan Chase & Company 50,950 1,901,964 0.8% Merrill Lynch & Company, Inc. 71,050 3,532,606 1.5% ----------------- ------------ 14,682,198 6.3% HEALTHCARE PRODUCTS Guidant Corporation 36,800 2,035,775 0.9% Johnson & Johnson 100,550 5,557,399 2.4% St. Jude Medical, Inc.* 40,750 2,776,298 1.2% Zimmer Holdings, Inc.* 27,900 2,129,049 0.9% ----------------- ------------ 12,498,521 5.4% HEALTHCARE SERVICES Aetna Inc. 39,450 3,384,810 1.4% ----------------- ------------ HOME FURNISHINGS Tempur-Pedic International Inc.* 315,100 3,960,807 1.7% ----------------- ------------ INTERNET Checkfree Corporation* 77,150 2,317,586 1.0% eBay Inc.* 84,200 6,595,385 2.8% ---------------------------------------------------------------------------------------------------------------- HERITAGE SERIES TRUST - GROWTH EQUITY FUND INVESTMENT PORTFOLIO JULY 31, 2004 (UNAUDITED) ---------------------------------------------------------------------------------------------------------------- % OF NET SHARES VALUE ASSETS ------ ----- ------ InterActiveCorp* 276,300 7,542,990 3.2% YAHOO! Inc.* 25,500 785,400 0.3% ----------------- ------------ 17,241,361 7.3% LODGING Harrah's Entertainment, Inc. 79,800 3,709,902 1.6% ----------------- ------------ LOGIC SEMICONDUCTORS Altera Corporation* 174,150 3,625,803 1.5% Intel Corporation 378,900 9,237,582 3.9% Texas Instruments Inc. 184,650 3,938,585 1.7% ----------------- ------------ 16,801,970 7.1% MACHINERY Caterpillar, Inc. 23,350 1,715,992 0.7% ----------------- ------------ MEMORY & COMMODITY SEMICONDUCTORS Cypress Semiconductor Corporation* 48,850 553,959 0.2% Fairchild Semiconductor International Inc., Class "A"* 364,150 5,349,364 2.3% ----------------- ------------ 5,903,323 2.5% MULTIMEDIA Time Warner Inc.* 335,950 5,593,568 2.4% Viacom, Inc., Class "B" 91,600 3,076,844 1.3% The Walt Disney Company 214,850 4,960,887 2.1% ----------------- ------------ 13,631,299 5.8% PHARMACEUTICALS Abbott Laboratories 101,050 3,976,318 1.7% Allergan, Inc. 39,750 3,006,690 1.3% Caremark Rx, Inc.* 111,800 3,409,900 1.5% Pfizer, Inc. 306,070 9,781,996 4.2% Wyeth 86,850 3,074,490 1.3% ----------------- ------------ 23,249,394 10.0% PRINTING & PUBLISHING Gannett Company 58,600 4,872,004 2.1% ----------------- ------------ RETAIL Family Dollar Stores Inc. 98,250 2,737,245 1.2% Home Depot, Inc. 109,050 3,677,166 1.6% Wal-Mart Stores, Inc. 103,000 5,460,030 2.3% ----------------- ------------ 11,874,441 5.1% SEMICONDUCTOR EQUIPMENT Applied Materials Inc.* 360,900 6,124,472 2.6% Entegris, Inc.* 300,250 2,672,225 1.1% Lam Research Corporation* 73,800 1,760,130 0.7% ----------------- ------------ 10,556,827 4.4% SOFTWARE First Data Corporation 62,050 2,768,051 1.2% Microsoft Corporation 266,700 7,590,282 3.2% Siebel Systems, Inc.* 287,950 2,320,877 1.0% ----------------- ------------ 12,679,210 5.4% TELECOMMUNICATIONS Cisco Systems, Inc.* 323,150 6,740,909 2.9% JDS Uniphase Corporation* 941,000 3,246,450 1.4% Nokia Corporation, Sponsored ADR, Class "A" 93,300 1,084,145 0.5% Nortel Networks Corporation* 557,550 2,040,633 0.9% QUALCOMM, Inc. 31,150 2,151,842 0.9% ----------------- ------------ 15,263,979 6.6% TELEVISION, CABLE & RADIO Comcast Corporation, Class "A"* 119,550 3,203,940 1.4% EchoStar Communications Corporation, Class "A"* 134,900 3,739,428 1.6% Univision Communications, Inc., Class "A"* 52,600 1,523,822 0.6% ----------------- ------------ 8,467,190 3.6% Total Common Stocks 236,988,438 100.9% ----------------- ------------ TOTAL INVESTMENT PORTFOLIO (cost $220,573,745) (a) 236,988,438 100.9% OTHER ASSETS AND LIABILITIES, net, (2,086,375) -0.9% ----------------- ------------ NET ASSETS $ 234,902,063 100.0% ================= ============ ----- * Non-income producing security. (a) The aggregate identified cost for federal income tax purposes is substantially the same. Market value includes net unrealized appreciation of $16,414,693 which consists of aggregate gross unrealized appreciation for all securities in which there is an excess of market value over tax cost of $30,123,325 and aggregate gross unrealized depreciation for all securities in which there is an excess of tax cost over market value of $13,708,632. ADR - American Depository Receipt.
---------------------------------------------------------------------------------------------------------------------------- HERITAGE SERIES TRUST - INTERNATIONAL EQUITY FUND INVESTMENT PORTFOLIO JULY 31, 2004 (UNAUDITED) ---------------------------------------------------------------------------------------------------------------------------- % OF NET SHARES VALUE ASSETS ------ ----- ------ COMMON STOCKS ARGENTINA Grupo Financiero Galicia, Sponsored ADR 6,675 $ 34,510 0.0% --------------- ------------ AUSTRALIA Amcor Ltd. 13,935 67,236 0.1% AMP Ltd. 66,237 292,106 0.4% John Fairfax Holdings Ltd. 40,733 108,009 0.2% Newcrest Mining Ltd. 35,117 351,228 0.5% News Corp Ltd. 20,052 172,346 0.2% Sons of Gwalia Ltd. 14,993 18,138 0.0% Southcorp Ltd. 29,358 64,631 0.1% --------------- ------------ 1,073,694 1.5% AUSTRIA Bank Austria Creditanstalt AG 10,173 599,840 0.9% Erste Bank der Oesterreichischen Sparkassen AG* 7,968 309,158 0.4% Flughafen Wien AG* 1,230 70,661 0.1% OMV AG 1,598 349,905 0.5% Wienerberger AG 7,544 270,470 0.4% --------------- ------------ 1,600,034 2.3% BELGIUM Almancora 1,386 72,036 0.1% Almanij NV* 4,277 253,732 0.4% Belgacom SA* 3,857 118,376 0.2% Fortis 8,617 185,779 0.3% Interbrew SA* 3,985 120,578 0.2% KBC Bank* 2,664 150,349 0.2% --------------- ------------ 900,850 1.4% BRAZIL Cia de Concessoes Rodoviarias 3,440 37,616 0.1% --------------- ------------ CANADA Canadian Natural Resources Ltd. 10,901 362,957 0.5% EnCana Corporation 4,930 218,493 0.3% Petro-Canada 2,009 93,799 0.1% Telesystem International Wireless Inc.* 11,806 125,734 0.2% --------------- ------------ 800,983 1.1% CZECH Cesky Telecom AS 9,939 118,908 0.2% Komercni Banka, AS 9,539 972,210 1.4% --------------- ------------ 1,091,118 1.6% DENMARK A P Moller-Maersk* 11 76,560 0.1% H. Lundbeck* 1,876 37,501 0.1% Kobenhavns Lufthavne 518 73,027 0.1% --------------- ------------ 187,088 0.3% FINLAND Fortum Oyj 14,430 198,780 0.3% Nokia Oyj 25,719 294,882 0.4% UPM - Kymmene Corporation* 9,000 174,762 0.3% --------------- ------------ 668,424 1.0% FRANCE Air Liquide* 411 66,507 0.1% Alcatel SA 15,886 205,650 0.3% Atos Origin* 1,106 65,214 0.1% ---------------------------------------------------------------------------------------------------------------------------- HERITAGE SERIES TRUST - INTERNATIONAL EQUITY FUND INVESTMENT PORTFOLIO JULY 31, 2004 (UNAUDITED) ---------------------------------------------------------------------------------------------------------------------------- % OF NET SHARES VALUE ASSETS ------ ----- ------ Aventis SA* 4,837 375,351 0.5% BNP Paribas* 10,036 584,155 0.8% Bouygues* 7,553 253,800 0.4% Carrefour SA* 4,887 233,007 0.3% France Telecom SA* 8,190 202,783 0.3% Gecina SA 1,024 80,510 0.1% LVMH Moet Hennessy Louis Vuitton SA* 2,042 139,297 0.2% Pernod-Ricard* 645 77,212 0.1% Renault SA* 2,815 222,000 0.3% Sanofi-Synthelabo SA* 12,348 818,559 1.2% SNECMA 2,072 41,356 0.1% Suez SA* 8,457 167,067 0.2% Technip SA* 983 136,832 0.2% Thales SA* 2,000 69,611 0.1% TotalFina Elf SA, Class "B"* 7,214 1,399,949 2.0% Unibail* 689 72,200 0.1% Valeo SA* 1,574 63,893 0.1% Veolia Environnement* 10,602 282,657 0.4% Vivendi Universal SA* 12,055 301,235 0.4% --------------- ------------ 5,858,845 8.3% GERMANY Adidas-Salomon AG* 1,867 221,901 0.3% BASF AG* 4,511 240,316 0.3% Bayerische Hypo- und Vereinsbank AG* 12,434 200,455 0.3% Commerzbank AG* 14,526 248,862 0.4% Deutsche Bank AG 3,482 241,926 0.3% Deutsche Post AG* 6,770 135,777 0.2% Deutsche Telekom AG* 34,027 569,855 0.8% E.ON AG* 10,458 743,975 1.1% Fraport AG 13,692 415,939 0.6% Freenet.de AG* 1,284 23,944 0.0% Fresenius Medical Care AG* 1,772 128,788 0.2% Henkel KGaA* 1,880 127,952 0.2% Hypo Real Estate Holding AG* 4,855 150,582 0.2% MAN AG* 1,978 73,367 0.1% Medion AG* 1,820 39,304 0.1% Metro AG* 14,872 682,241 1.0% Muenchener Rueckversicherungs AG* 2,715 260,595 0.4% Puma AG 164 38,670 0.1% RWE AG* 4,968 243,264 0.4% Schering AG* 3,930 220,712 0.3% Siemens AG 5,859 411,025 0.6% Volkswagen AG* 4,378 177,662 0.3% --------------- ------------ 5,597,112 8.2% GREECE Coca Cola Hellenic Bottling Company SA 1,827 43,038 0.1% Hellenic Telecommunications Organization SA* 11,425 138,829 0.2% --------------- ------------ 181,867 0.3% HUNGARY Egis Rt. 1,871 80,670 0.1% Gedeon Richter Rt. 684 67,565 0.1% Matav Rt. 78,376 314,765 0.5% OTP BANK Rt. 58,959 1,216,483 1.8% ---------------------------------------------------------------------------------------------------------------------------- HERITAGE SERIES TRUST - INTERNATIONAL EQUITY FUND INVESTMENT PORTFOLIO JULY 31, 2004 (UNAUDITED) ---------------------------------------------------------------------------------------------------------------------------- % OF NET SHARES VALUE ASSETS ------ ----- ------ --------------- ------------ 1,679,483 2.5% INDONESIA Bank Mandiri Persero Tbk PT 901,524 123,361 0.2% Indofood Sukses Makmur Tbk PT 512,500 39,272 0.1% Semen Gresik Persero Tbk PT 41,743 37,470 0.1% Telekomunikasi Indonesia Tbk PT 259,028 219,756 0.3% --------------- ------------ 419,859 0.7% IRELAND Celtic Resources Holdings PLC* 4,317 28,115 0.0% DePfa Bank PLC* 4,513 61,354 0.1% Dragon Oil PLC* 62,832 46,292 0.1% --------------- ------------ 135,761 0.2% ITALY Assicurazioni Generali SPA* 12,646 334,260 0.5% Banca Antonveneta SPA* 6,655 134,351 0.2% Banca Intesa SPA* 109,312 405,061 0.6% Banca Nazionale del Lavoro SPA* 65,785 153,940 0.2% Banca Popolare di Milano 13,397 82,363 0.1% Banca Intesa SPA 95,601 73,381 0.1% Capitalia SPA* 21,701 65,793 0.1% Cassa di Risparmio di Firenze SPA 67,511 123,133 0.2% Credito Emiliano SpA 20,366 166,616 0.2% SNP Petrom SA 51,947 409,358 0.6% ENI-Ente Nazionale Idrocarburi SPA* 25,676 528,233 0.8% Saipem SPA 13,645 129,853 0.2% Telecom Italia SPA* 36,325 107,727 0.2% Trasmissione Elettricita Rete Nazionale SPA* 36,384 77,917 0.1% UniCredito Italiano SPA* 76,154 364,651 0.5% --------------- ------------ 3,156,637 4.6% JAPAN Aeon Credit Service Company Ltd. 2,368 145,216 0.2% The Bank of Yokohama Ltd* 13,000 70,617 0.1% Canon Inc.* 3,773 184,288 0.3% Credit Saison Company, Ltd. 10,717 324,276 0.5% Daihatsu Motor Co Ltd. 2,000 15,605 0.0% Denso Corporation 8,412 206,193 0.3% Fuji Photo Film Company, Ltd.* 3,166 94,944 0.1% Fuji Television Network Inc. 59 128,727 0.2% Hitachi Credit 3,900 66,602 0.1% Hitachi Ltd* 10,751 65,640 0.1% Honda Motor Company, Ltd. 10,609 516,281 0.7% Ito-Yokado Company, Ltd* 4,297 167,057 0.2% Japan Tobacco Inc.* 17 129,895 0.2% Kao Corporation 15,546 385,248 0.6% Koito Manufacturing Company Ltd 16,474 130,757 0.2% Matsushita Electric Industrial Company Ltd.* 43,846 584,220 0.8% Mitsubishi Tokyo Financial Group Inc. 73 653,477 0.9% Nidec Corporation 600 55,758 0.1% Nippon Telegraph and Telephone Corporation 20 99,663 0.1% Nissan Motor Company Ltd.* 43,061 464,730 0.7% Nomura Holdings Inc.* 72,497 994,617 1.4% NTT Docomo Inc.* 57 99,286 0.1% Sanyo Electric Company Ltd. 36,000 137,374 0.2% ---------------------------------------------------------------------------------------------------------------------------- HERITAGE SERIES TRUST - INTERNATIONAL EQUITY FUND INVESTMENT PORTFOLIO JULY 31, 2004 (UNAUDITED) ---------------------------------------------------------------------------------------------------------------------------- % OF NET SHARES VALUE ASSETS ------ ----- ------ Sharp Corporation* 10,000 144,467 0.2% Shiseido Company, Ltd. 25,813 320,997 0.5% SMC Corporation 444 43,453 0.1% Sony Corporation 16,265 571,009 0.8% The Sumitomo Trust & Banking Company, Ltd. 7,065 41,359 0.1% Seiyu Ltd.* 30,022 81,676 0.1% Tokyo Broadcasting System Inc. 20,900 356,168 0.5% Toyota Motor Corporation 15,232 612,699 0.9% Uni-Charm Corporation 5,358 280,949 0.4% Yamaha Motor Co Ltd 5,000 76,543 0.1% --------------- ------------ 8,249,791 11.8% LUXEMBOURG Millicom International Cellular SA* 2,756 46,494 0.1% SBS Broadcasting* 1,432 51,996 0.1% --------------- ------------ 98,490 0.2% MEXICO Fomento Economico Mexicano SA 31,596 138,432 0.2% Grupo Financiero Banorte SA 97,801 359,997 0.5% Grupo Financiero Inbursa SA 31,031 46,108 0.1% --------------- ------------ 544,537 0.8% NETHERLANDS Euronext NV* 4,685 124,793 0.2% European Aeronautic Defense and Space Company* 5,312 146,351 0.2% Grolsch NV* 365 10,890 0.0% Heineken NV* 7,395 231,587 0.3% Koninklijke Philips Electronics NV 5,786 140,197 0.2% Royal Dutch Petroleum 8,469 424,578 0.6% Unilever NV* 8,407 517,355 0.7% VNU NV* 2,635 69,585 0.1% --------------- ------------ 1,665,336 2.3% NORWAY Norsk Hydro ASA 6,066 383,688 0.6% Sparebanken Rogaland 483 20,620 0.0% Statoil ASA 30,481 381,899 0.6% Telenor ASA 18,331 124,847 0.2% --------------- ------------ 911,054 1.4% PHILIPPINES Ayala Corporation 282,000 28,210 0.0% Bank of the Philippine Islands* 37,400 28,060 0.0% Globe Telecom Inc. 1,910 29,172 0.0% Philippine Long Distance Telephone, Sponsored ADR* 3,100 69,471 0.1% --------------- ------------ 154,913 0.1% POLAND Agora SA* 8,184 107,874 0.2% Bank BPH 968 106,549 0.2% Bank Millenium SA* 50,987 37,041 0.1% Bank Pekao SA 22,845 713,513 1.0% Bank Zachodni WBK SA 14,971 329,576 0.5% BRE Bank SA 2,443 67,562 0.1% Budimex SA* 12,177 150,453 0.2% Orbis SA 6,235 43,065 0.1% Telekomunikacja Polska SA 76,276 305,398 0.4% --------------- ------------ 1,861,031 2.8% ---------------------------------------------------------------------------------------------------------------------------- HERITAGE SERIES TRUST - INTERNATIONAL EQUITY FUND INVESTMENT PORTFOLIO JULY 31, 2004 (UNAUDITED) ---------------------------------------------------------------------------------------------------------------------------- % OF NET SHARES VALUE ASSETS ------ ----- ------ PORTUGAL Banco Comercial Portugues SA* 45,022 93,165 0.1% Electricidade de Portugal SA* 53,903 143,969 0.2% Jeronimo Martins* 4,412 47,773 0.1% Media Capital SGPS* 21,291 98,619 0.1% Portugal Telecom SGPS SA* 3,883 39,802 0.1% --------------- ------------ 423,328 0.6% ROMANIA Romanian Development Bank SA 293,568 232,572 0.3% SNP Petrom SA 3,616,825 269,616 0.4% --------------- ------------ 502,188 0.7% RUSSIA Moscow City Telephone, Sponsored ADR 4,425 50,003 0.1% North-West Telecom, Sponsored ADR 2,069 43,708 0.1% Sibirtelecom, Sponsored ADR 775 26,350 0.0% Sun Interbrew Ltd., Sponsored GDR* 19,900 268,147 0.4% Uralsvyazinform, Sponsored ADR 12,958 76,452 0.1% VolgaTelecom, Sponsored ADR 10,827 51,970 0.1% Wimm-Bill-Dann Foods, Sponsored ADR* 12,743 166,933 0.2% YUKOS, Sponsored ADR 2,738 43,124 0.1% --------------- ------------ 726,687 1.1% SOUTH AFRICA Nedcor Ltd. 35,127 335,010 0.5% --------------- ------------ SOUTH KOREA Samsung Electronics Company, Ltd 500 178,281 0.3% --------------- ------------ SPAIN Altadis, SA* 2,485 77,613 0.1% Banco Pastor SA 634 18,703 0.0% Endesa SA* 14,742 268,170 0.4% Fadesa Inmobiliaria SA* 2,349 31,370 0.0% Gestevision Telecinco SA* 5,724 90,420 0.1% Grupo Empresarial ENCE SA 4,482 125,587 0.2% Iberdrola SA* 6,588 134,742 0.2% Promotora de Informaciones, SA* 5,068 81,704 0.1% --------------- ------------ 828,309 1.1% SWEDEN Autoliv Inc., Sponsored SDR* 5,053 210,034 0.3% ELEKTA AB, Class "B"* 6,944 161,962 0.2% Telefonaktiebolaget LM Ericsson* 29,146 77,854 0.1% Getinge AB 8,234 94,952 0.1% Nobia AB 4,958 56,205 0.1% Skandia Forsakrings AB* 16,186 63,061 0.1% --------------- ------------ 664,068 0.9% SWITZERLAND Adecco SA 1,310 60,835 0.1% Credit Suisse Group* 9,657 309,921 0.4% Nestle SA 3,656 934,651 1.3% Novartis AG* 31,663 1,417,174 2.0% Roche Holding AG* 10,551 1,043,469 1.5% SGS SA* 127 68,410 0.1% Swatch Group AG* 2,143 273,090 0.4% UBS AG 2,228 149,102 0.2% ---------------------------------------------------------------------------------------------------------------------------- HERITAGE SERIES TRUST - INTERNATIONAL EQUITY FUND INVESTMENT PORTFOLIO JULY 31, 2004 (UNAUDITED) ---------------------------------------------------------------------------------------------------------------------------- % OF NET SHARES VALUE ASSETS ------ ----- ------ --------------- ------------ 4,256,652 6.0% THAILAND Airports of Thailand* 11,000 13,710 0.0% --------------- ------------ TURKEY Akbank TAS 130,250,235 536,611 0.8% Dogan Sirketler Grubu Holdings* 104,592,030 168,800 0.2% Dogan Yayin Holding* 10,632,189 36,201 0.1% Haci Omer Sabanci Holding AS 120,915,749 382,879 0.5% KOC Holding AS 71,052,413 365,302 0.5% Migros Turk TAS 17,279,067 92,367 0.1% TURK DIS TICARET BANKASI AS 25,653,124 37,034 0.1% Turkcell Iletisim Hizmet AS 17,542,583 71,676 0.1% Turkiye Garanti Bankasi AS* 193,235,958 598,722 0.9% Turkiye Is Bankasi 143,562,343 552,351 0.8% Yapi ve Kredi Bankasi* 49,587,208 132,536 0.2% --------------- ------------ 2,974,479 4.3% UKRAINE Centrenergo, Sponsored ADR* 714 11,312 0.0% --------------- ------------ UNITED KINGDOM Allied Domecq PLC* 7,718 62,479 0.1% AstraZeneca PLC* 8,099 362,587 0.5% BAA PLC* 18,715 190,484 0.3% BAE Systems PLC* 38,837 151,015 0.2% Barclays PLC* 59,475 497,692 0.7% Boots Group PLC* 22,250 276,452 0.4% BP PLC* 208,931 1,961,197 2.8% British Land Company PLC* 6,033 77,154 0.1% British Sky Broadcasting PLC* 20,008 220,023 0.3% Burberry Group PLC* 5,695 38,850 0.1% Cadbury Schweppes PLC* 43,960 360,064 0.5% Centrica PLC* 20,738 89,221 0.1% Diageo PLC* 44,942 557,169 0.8% GlaxoSmithKline PLC* 60,224 1,223,747 1.8% Highland Gold Mining Ltd 8,237 35,962 0.1% Hilton Group PLC* 27,763 131,692 0.2% Imperial Tobacco Group PLC* 5,583 121,470 0.2% Marks & Spencer Group PLC* 24,227 152,932 0.2% National Grid Transco PLC* 15,234 120,621 0.2% Pearson PLC 13,650 153,086 0.2% Peter Hambro Mining PLC* 11,119 84,347 0.1% Rank Group PLC* 16,690 89,795 0.1% Reckitt Benckiser PLC* 10,640 291,111 0.4% Reed Elsevier PLC* 15,315 135,680 0.2% Royal & Sun Alliance Insurance Group PLC* 40,036 56,262 0.1% Royal Bank of Scotland Group PLC* 33,236 934,732 1.3% Scottish & Newcastle PLC* 6,792 49,299 0.1% Scottish & Southern Energy PLC* 5,287 69,104 0.1% Shell Transport & Trading Company, PLC* 73,369 531,875 0.8% Smith & Nephew PLC* 13,163 132,897 0.2% Tesco PLC* 200,747 929,406 1.3% Vodafone Group PLC* 647,964 1,405,653 2.0% William Hill PLC 10,928 102,579 0.1% WPP Group PLC* 16,571 153,288 0.2% ---------------------------------------------------------------------------------------------------------------------------- HERITAGE SERIES TRUST - INTERNATIONAL EQUITY FUND INVESTMENT PORTFOLIO JULY 31, 2004 (UNAUDITED) ---------------------------------------------------------------------------------------------------------------------------- % OF NET SHARES VALUE ASSETS ------ ----- ------ --------------- ------------ 11,749,925 16.8% VENEZUELA Cia Anonima Nacional Telefonos de Venezuela (CANTV), Sponsore ADR 7,634 152,451 0.2% --------------- ------------ Total Comon Stocks 59,725,433 86.0% PREFERRED STOCKS Henkel KGaA 767 56,253 0.1% ProsiebenSat.1 Media AG* 8,377 144,423 0.2% Rhoen-Klinikum AG 1,165 57,480 0.1% --------------- ------------ Total Preferred Stocks 258,156 0.4% RIGHTS & WARRANTS GUERNSEY Credit Lyonnais Financial Products Ltd., 01/09/09, (Warrants)* 8,481 48,792 0.1% Credit Lyonnais Financial Products Ltd., 05/14/09, (Warrants)* 4,189 24,100 0.0% --------------- ------------ Total Rights & Warrants 72,892 0.1% INVESTMENT COMPANIES (A) Euro STOXX 50 LDRS 50,753 1,664,521 2.4% Nomura - Nikkei 225 ETF 33,120 3,360,323 4.8% Nomura -TOPIX ETF 184,571 1,894,183 2.7% --------------- ------------ Total Investment Companies 6,919,027 9.9% PRINCIPAL % OF NET AMOUNT VALUE ASSETS CORPORATE BONDS (B) --------- ----- ------ GUERNSEY Credit Lyonnais Financial Products Ltd., Zero Coupon, 11/19/08 18,572 106,847 0.2% --------------- ------------ Total Corporate Bonds 106,847 0.2% GOVERNMENT ISSUED BONDS (B) HUNGARY Republic of Hungary, 6.25%, 06/12/08 69,470,000 300,448 0.4% Republic of Hungary, 7%, 06/24/09 31,010,000 136,780 0.2% Republic of Hungary, 6.75%, 02/12/13 40,590,000 175,108 0.3% Republic of Hungary, 5.5% 02/12/14 81,320,000 320,925 0.5% --------------- ------------ Total Government Issued Bonds 933,261 1.4% --------------- ------------ TOTAL INVESTMENT PORTFOLIO (cost $66,422,562) (c) 68,015,616 98.0% OTHER ASSETS AND LIABILITIES, net, 1,406,872 2.0% --------------- ------------ NET ASSETS $69,422,488 100.0% =============== ============ ------- * Non-income producing security. (a) Exchange-traded funds. (b) U.S. dollar denominated. (c) The aggregate identified cost for federal income tax purposes is substantially the same. Market value includes net unrealized appreciation of $1,593,054 which consists of aggregate gross unrealized appreciation for all securities in which there is an excess of market value over tax cost of $4,208,992 and aggregate gross unrealized depreciation for all securities in which there is an excess of tax cost over market value of $2,615,938. ---------------------------------------------------------------------------------------------------------------------------- HERITAGE SERIES TRUST - INTERNATIONAL EQUITY FUND INVESTMENT PORTFOLIO JULY 31, 2004 (UNAUDITED) ---------------------------------------------------------------------------------------------------------------------------- % OF NET SHARES VALUE ASSETS ------ ----- ------ ADR - American Depository Receipt. GDR - Global Depository Receipt. SDR - Swedish Depository Receipt.
-------------------------------------------------------------------------------------------------------------------- HERITAGE SERIES TRUST - MID CAP STOCK FUND INVESTMENT PORTFOLIO JULY 31, 2004 (UNAUDITED) -------------------------------------------------------------------------------------------------------------------- % OF NET SHARES VALUE ASSETS ------ ----- ------ COMMON STOCKS & RIGHTS ADVERTISING Getty Images, Inc.* 204,300 $ 11,158,866 2.1% ---------------- ------------- APPAREL Columbia Sportswear Company* 96,900 5,305,275 1.0% ---------------- ------------- BANKS Bank of Hawaii Corporation 147,700 6,636,161 1.2% ---------------- ------------- BIOTECHNOLOGY Charles River Laboratories International, Inc.* 147,600 6,652,332 1.2% Martek Biosciences Corporation* 53,300 2,522,156 0.5% ---------------- ------------- 9,174,488 1.7% BROADCASTING SERVICES/PROGRAMS Gray Television, Inc. 431,935 5,148,665 1.0% Liberty Media Corporation* 779,100 6,606,768 1.2% ---------------- ------------- 11,755,433 2.2% CHEMICALS Praxair, Inc. 156,100 6,158,145 1.1% ---------------- ------------- COMMERCIAL SERVICES Alliance Data Systems Corporation* 284,800 11,309,408 2.1% Corporate Executive Board Company 64,300 3,645,810 0.7% Hewitt Associates Inc., Class "A"* 226,500 6,047,550 1.1% Interactive Data Corporation* 460,450 8,062,480 1.5% Iron Mountain Inc.* 258,410 8,338,891 1.5% MPS Group, Inc.* 274,000 2,460,520 0.5% Weight Watchers International Inc.* 68,400 2,649,816 0.5% ---------------- ------------- 42,514,475 7.9% COMPUTERS Kronos Inc.* 198,700 8,726,904 1.6% Lexmark International Group, Inc., Class "A"* 125,500 11,106,750 2.0% SunGard Data Systems Inc.* 338,400 7,888,104 1.5% ---------------- ------------- 27,721,758 5.1% COSMETICS/PERSONAL CARE Alberto-Culver Company, Class "B" 72,250 3,368,295 0.6% ---------------- ------------- DIVERSIFIED MANUFACTURER Pentair Inc. 253,400 7,936,488 1.5% ---------------- ------------- ELECTRICAL COMPONENTS & EQUIPMENT AMETEK, Inc. 310,800 9,585,072 1.8% ---------------- ------------- ELECTRONICS Amphenol Corporation, Class "A"* 406,400 12,773,152 2.4% Dionex Corporation* 119,690 5,648,171 1.0% Tektronix, Inc. 166,500 5,061,600 0.9% Varian, Inc.* 93,200 3,532,280 0.7% Waters Corporation* 150,300 6,595,164 1.2% ---------------- ------------- 33,610,367 6.2% ENTERTAINMENT Gaylord Entertainment Company* 182,100 5,310,036 1.0% GTECH Holdings Corporation 262,500 11,122,125 2.0% ---------------- ------------- 16,432,161 3.0% ENVIRONMENTAL CONTROL Republic Services, Inc. 222,800 6,372,080 1.2% Stericycle Inc.* 204,300 10,010,700 1.8% ---------------- ------------- 16,382,780 3.0% FINANCIAL SERVICES BlackRock, Inc. 54,010 3,345,920 0.6% Chicago Mercantile Exchange Holdings Inc. 55,150 6,921,325 1.3% Leucadia National Corporation 134,000 6,899,660 1.3% ---------------- ------------- 17,166,905 3.2% -------------------------------------------------------------------------------------------------------------------- HERITAGE SERIES TRUST - MID CAP STOCK FUND INVESTMENT PORTFOLIO JULY 31, 2004 (UNAUDITED) -------------------------------------------------------------------------------------------------------------------- % OF NET SHARES VALUE ASSETS ------ ----- ------ FOOD The J. M. Smucker Company 62,255 2,602,882 0.5% ---------------- ------------- HEALTHCARE PRODUCTS Beckman Coulter Inc. 137,630 7,593,047 1.4% Boston Scientific Corporation* 143,500 5,490,310 1.0% Edwards Lifesciences Corporation* 324,000 11,395,080 2.1% INAMED Corporation* 139,200 7,541,856 1.4% ResMed Inc.* 110,300 5,404,700 1.0% Varian Medical Systems Inc.* 122,500 8,453,725 1.6% ---------------- ------------- 45,878,718 8.5% HOUSEHOLD PRODUCTS The Scotts Company* 95,420 5,820,620 1.1% ---------------- ------------- INSURANCE AMBAC Financial Group, Inc. 138,600 9,855,846 1.8% Platinum Underwriters Holdings Ltd. 200,600 5,582,698 1.0% Principal Financial Group 155,900 5,299,041 1.0% Protective Life Corporation 150,500 5,455,625 1.0% RenaissanceRe Holdings Ltd. 148,100 7,849,300 1.5% Stancorp Financial Group 125,405 8,815,972 1.6% ---------------- ------------- 42,858,482 7.9% INTERNET Avocent Corporation* 89,645 2,683,971 0.5% ---------------- ------------- LEISURE TIME Royal Caribbean Cruises, Ltd. 219,400 9,379,350 1.7% ---------------- ------------- LODGING Kerzner International Ltd.* 115,850 5,434,524 1.0% ---------------- ------------- MACHINERY Briggs & Stratton Corporation 82,400 6,880,400 1.3% IDEX Corporation 199,650 6,406,769 1.2% ---------------- ------------- 13,287,169 2.5% MISCELLANEOUS MANUFACTURER Clarcor Inc.* 132,200 5,816,800 1.1% ---------------- ------------- OIL & GAS Patterson-UTI Energy, Inc. 297,200 5,417,956 1.0% Pioneer Natural Resources Company 159,700 5,757,185 1.1% Unit Corporation* 220,605 7,114,511 1.3% XTO Energy Inc. 282,325 8,441,518 1.5% ---------------- ------------- 26,731,170 4.9% OIL & GAS SERVICES FMC Technologies, Inc.* 230,300 6,909,000 1.3% ---------------- ------------- PACKAGING & CONTAINERS Ball Corporation 38,300 2,764,494 0.5% Pactiv Corporation* 286,635 6,758,853 1.3% ---------------- ------------- 9,523,347 1.8% PHARMACEUTICALS Hospira, Inc.* 351,100 9,097,001 1.7% VCA Antech, Inc.* 128,140 5,385,724 1.0% ---------------- ------------- 14,482,725 2.7% PRINTING & PUBLISHING John Wiley & Sons, Inc., Class "A" 77,700 2,514,372 0.5% ---------------- ------------- SAVINGS & LOANS Golden West Financial Corporation 79,500 8,499,345 1.5% NewAlliance Bancshares, Inc. 368,800 5,144,760 1.0% ---------------- ------------- 13,644,105 2.5% SOFTWARE Cognos Incorporated* 164,200 5,530,256 1.0% Global Payments Inc. 148,600 6,783,590 1.3% Intuit, Inc.* 221,900 8,307,936 1.5% -------------------------------------------------------------------------------------------------------------------- HERITAGE SERIES TRUST - MID CAP STOCK FUND INVESTMENT PORTFOLIO JULY 31, 2004 (UNAUDITED) -------------------------------------------------------------------------------------------------------------------- % OF NET SHARES VALUE ASSETS ------ ----- ------ SEI Investments Company 223,290 6,848,304 1.3% ---------------- ------------- 27,470,086 5.1% TELECOMMUNICATIONS Amdocs Ltd.* 259,000 5,620,300 1.0% Commonwealth Telephone Enterprises Inc.* 119,600 5,358,080 1.0% Nextel Partners Inc.* 571,395 9,182,318 1.7% NII Holdings, Inc.* 161,000 6,121,220 1.1% Scientific-Atlanta, Inc. 335,135 10,305,401 1.9% ---------------- ------------- 36,587,319 6.7% TELEVISION, CABLE & RADIO EchoStar Communications Corporation, Class "A"* 198,700 5,507,964 1.0% Liberty Media International, Inc., Class A* 38,955 1,214,616 0.2% Liberty Media International, Inc., Class "A",* (Rights - $25, 08/23/04 7,791 46,824 0.0% Salem Communications Corporation, Class "A"* 206,100 5,234,940 1.0% ---------------- ------------- 12,004,344 2.2% TEXTILES Mohawk Industries, Inc.* 89,900 6,611,245 1.2% ---------------- ------------- TRANSPORTATION Landstar System, Inc.* 138,700 6,908,647 1.3% ---------------- ------------- Total Common Stocks 522,055,545 96.6% ---------------- ------------- REPURCHASE AGREEMENT Repurchase Agreement with State Street Bank and Trust Company, dated July 30, 2004 @ 1.18% to be repurchased at $23,277,289 on August 2, 2004, collateralized by $19,460,000 United States Treasury Bonds, 6.75% due August 15, 2026, (market value $23,760,997 including interest) 23,275,000 4.3% ---------------- ------------- TOTAL INVESTMENT PORTFOLIO (cost $494,477,994) (a) 545,330,545 100.9% OTHER ASSETS AND LIABILITIES, net, (4,895,243) -0.9% ---------------- ------------- NET ASSETS $540,435,302 100.0% ================ ============= ------- * Non-income producing security. (a) The aggregate identified cost for federal income tax purposes is substantially the same. Market value includes net unrealized appreciation of $50,852,551 which consists of aggregate gross unrealized appreciation for all securities in which there is an excess of market value over tax cost of $59,776,740 and aggregate gross unrealized depreciation for all securities in which there is an excess of tax cost over market value of $8,924,189
----------------------------------------------------------------------------------------------------------------- HERITAGE SERIES TRUST - SMALL CAP STOCK FUND INVESTMENT PORTFOLIO JULY 31, 2004 (UNAUDITED) ----------------------------------------------------------------------------------------------------------------- % OF NET SHARES VALUE ASSETS ------ ----- ------ COMMON STOCKS AGRICULTURE Delta & Pine Land Company 87,300 $ 1,959,885 0.8% ---------------- ------------ APPAREL Columbia Sportswear Company* 40,425 2,213,269 0.9% ---------------- ------------ BANKS Capital Crossing Bank* 38,000 1,955,100 0.8% First BanCorp 29,800 1,265,010 0.5% North Fork Bancorporation 95,000 3,709,750 1.5% TrustCo Bank Corp NY 80,500 1,017,520 0.4% ---------------- ------------ 7,947,380 3.2% BEVERAGES Constellation Brands, Inc* 125,000 4,735,000 2.0% ---------------- ------------ BIOTECHNOLOGY deCODE genetics, Inc.* 94,000 643,900 0.3% ---------------- ------------ CHEMICALS Spartech Corporation 155,000 3,704,500 1.5% ---------------- ------------ COMMERCIAL SERVICES Interactive Data Corporation* 239,000 4,184,890 1.7% Laureate Education Inc.,* 43,900 1,549,670 0.6% MoneyGram International, Inc.* 135,000 2,524,500 1.0% NCO Group, Inc.* 166,000 4,145,020 1.7% SOURCECORP, Inc.* 84,600 1,988,946 0.8% StarTek, Inc. 136,800 4,203,864 1.7% University of Phoenix Online* 31,200 2,688,504 1.1% Viad Corporation 33,750 806,963 0.3% ---------------- ------------ 22,092,357 8.9% COMPUTERS Electronics For Imaging, Inc.* 64,600 1,296,522 0.5% FactSet Research Systems Inc. 54,975 2,372,171 1.0% RadiSys Corporation* 109,150 1,354,552 0.6% ---------------- ------------ 5,023,245 2.1% DISTRIBUTION/WHOLESALE SCP Pool Corporation 33,800 1,393,574 0.6% Tech Data Corporation* 63,000 2,359,980 1.0% ---------------- ------------ 3,753,554 1.6% DIVERSIFIED MANUFACTURER Actuant Corporation, Class "A"* 52,100 1,899,566 0.8% Federal Signal Corporation 220,000 3,742,200 1.6% The Brink's Company 123,400 3,991,990 1.7% ---------------- ------------ 9,633,756 4.1% ELECTRIC ALLETE, Inc. 72,900 2,020,788 0.8% ---------------- ------------ ELECTRICAL COMPONENTS & EQUIPMENT Artesyn Technologies, Inc.* 54,425 406,011 0.2% General Cable Corporation* 225,400 2,145,808 0.9% ---------------- ------------ 2,551,819 1.1% ELECTRONICS Gentex Corporation 28,200 1,009,560 0.4% OYO Geospace Corporation* 45,000 798,750 0.3% Photon Dynamics, Inc.* 94,700 2,603,303 1.1% ---------------- ------------ 4,411,613 1.8% ENTERTAINMENT ----------------------------------------------------------------------------------------------------------------- HERITAGE SERIES TRUST - SMALL CAP STOCK FUND INVESTMENT PORTFOLIO JULY 31, 2004 (UNAUDITED) ----------------------------------------------------------------------------------------------------------------- % OF NET SHARES VALUE ASSETS ------ ----- ------ Alliance Gaming Corporation* 41,400 589,122 0.2% Lions Gate Entertainment Corporation* 560,100 4,290,366 1.8% Nevada Gold & Casinos, Inc.* 25,900 317,275 0.1% Shuffle Master, Inc.* 61,900 1,980,181 0.8% ---------------- ------------ 7,176,944 2.9% ENVIRONMENTAL CONTROL IMCO Recycling, Inc.* 139,400 1,728,560 0.7% Waste Connections Inc.* 94,762 2,734,831 1.1% ---------------- ------------ 4,463,391 1.8% HEALTHCARE PRODUCTS American Medical Systems Holdings, Inc.* 66,000 2,100,120 0.9% Cooper Companies, Inc. 32,125 1,909,831 0.8% Edwards Lifesciences Corporation* 38,900 1,368,113 0.6% Idexx Laboratories Inc.* 25,175 1,268,568 0.5% INAMED Corporation* 51,775 2,805,170 1.2% Respironics, Inc.* 44,300 2,468,396 1.0% Sola International Inc.* 42,000 682,920 0.3% Thoratec Corporation* 89,200 909,840 0.4% ---------------- ------------ 13,512,958 5.7% HEALTHCARE SERVICES American Healthways, Inc.* 94,200 2,565,066 1.1% Covance Inc.* 70,000 2,568,300 1.1% Horizon Health Corporation* 107,000 2,604,487 1.1% Inveresk Research Group, Inc.* 140,000 5,082,000 2.1% ---------------- ------------ 12,819,853 5.4% HOME BUILDERS Champion Enterprises, Inc.* 479,000 4,660,670 1.9% ---------------- ------------ HOME FURNISHINGS Tempur-Pedic International Inc.* 77,300 971,661 0.4% Universal Electronics, Inc.* 256,300 4,439,116 1.8% ---------------- ------------ 5,410,777 2.2% INSURANCE Direct General Corporation 68,950 2,050,573 0.9% Quanta Capital Holdings* 288,000 2,894,400 1.2% The PMI Group, Inc. 102,500 4,226,075 1.8% ---------------- ------------ 9,171,048 3.9% INTERNET Lionbridge Technologies, Inc.* 42,000 312,480 0.1% Radware Ltd.* 36,925 660,219 0.3% ---------------- ------------ 972,699 0.4% INVESTMENT COMPANIES MCG Capital Corporation 226,000 3,672,500 1.5% ---------------- ------------ LODGING Monarch Casino & Resort, Inc.* 31,100 501,954 0.2% ---------------- ------------ MACHINERY UNOVA, Inc.* 195,400 3,304,214 1.4% ---------------- ------------ MEMORY & COMMODITY SEMICONDUCTORS Integrated Device Technology, Inc.* 183,900 2,101,977 0.9% Integrated Silicon Solutions Inc.* 205,200 1,727,784 0.7% ---------------- ------------ 3,829,761 1.6% METAL FABRICATE/HARDWARE Kaydon Corporation 93,000 2,709,090 1.1% ---------------- ------------ OIL & GAS ----------------------------------------------------------------------------------------------------------------- HERITAGE SERIES TRUST - SMALL CAP STOCK FUND INVESTMENT PORTFOLIO JULY 31, 2004 (UNAUDITED) ----------------------------------------------------------------------------------------------------------------- % OF NET SHARES VALUE ASSETS ------ ----- ------ Patterson-UTI Energy, Inc. 187,600 3,419,948 1.4% Unit Corporation* 91,625 2,954,906 1.2% ---------------- ------------ 6,374,854 2.6% OIL & GAS SERVICES Maverick Tube Corporation* 82,700 2,385,068 1.0% Tetra Technologies, Inc.* 50,675 1,335,286 0.6% ---------------- ------------ 3,720,354 1.6% PHARMACEUTICALS Dendreon Corporation* 46,800 431,028 0.2% KV Pharmaceutical Company, Class "A"* 186,100 3,240,001 1.3% Medicis Pharmaceutical, Class "A" 60,900 2,178,393 0.9% Taro Pharmaceuticals Industries* 156,600 3,496,878 1.4% VCA Antech, Inc.* 47,900 2,013,237 0.8% ---------------- ------------ 11,359,537 4.6% PRINTING & PUBLISHING John Wiley & Sons, Inc., Class "A" 158,200 5,119,352 2.1% ---------------- ------------ REITS Global Signal Inc. 45,000 924,750 0.4% Highland Hospitality Corporation* 216,500 2,249,435 0.9% ---------------- ------------ 3,174,185 1.3% RETAIL Brinker International Inc.* 139,500 4,995,495 2.1% Cash America International, Inc. 44,100 990,045 0.4% CBRL Group, Inc. 100,200 3,328,644 1.4% Genesco Inc.* 77,450 1,662,077 0.7% Ruby Tuesday Inc. 136,500 3,943,485 1.6% Sonic Automotive, Inc. 83,000 1,855,050 0.8% Stage Stores Inc.* 135,600 4,808,376 2.0% United Auto Group Inc. 75,500 2,071,720 0.9% ---------------- ------------ 23,654,892 9.9% SAVINGS & LOANS Bank Mutual Corporation 53,561 604,168 0.3% BankAtlantic Bancorp, Inc. 43,000 784,320 0.3% ---------------- ------------ 1,388,488 0.6% SEMICONDUCTOR EQUIPMENT ASE Test Ltd.* 164,300 1,086,023 0.5% Axcelis Technologies, Inc.* 225,000 2,099,250 0.9% ---------------- ------------ 3,185,273 1.4% SOFTWARE Avid Technology, Inc.* 21,250 993,225 0.4% Datastream Systems, Inc.* 417,075 2,723,500 1.1% Eclipsys Corporation* 125,325 1,881,128 0.8% Global Payments Inc. 34,800 1,588,620 0.7% infoUSA Inc.* 363,000 3,263,370 1.4% Netsmart Technologies Inc.* 106,000 962,480 0.4% ---------------- ------------ 11,412,323 4.8% TELECOMMUNICATIONS CommScope, Inc.* 170,000 3,502,000 1.5% EMS Technologies Inc.* 128,700 1,998,710 0.8% Manitoba Telecom Services Inc.* 61,636 2,086,529 0.8% ---------------- ------------ 7,587,239 3.1% TRANSPORTATION Owens & Minor, Inc.* 80,000 1,164,000 0.5% ---------------- ------------ ----------------------------------------------------------------------------------------------------------------- HERITAGE SERIES TRUST - SMALL CAP STOCK FUND INVESTMENT PORTFOLIO JULY 31, 2004 (UNAUDITED) ----------------------------------------------------------------------------------------------------------------- % OF NET SHARES VALUE ASSETS ------ ----- ------ Total Common Stocks 221,037,422 91.6% ---------------- ------------ REPURCHASE AGREEMENT Repurchase Agreement with State Street Bank and Trust Company, dated July 30, 2004 @ 1.18% to be repurchased at $21,727,136 on August 2, 2004, collateralized by $18,165,000 United States Treasury Bonds, 6.75% due August 15, 2026, (market value $22,179,780 including interest) 21,725,000 9.0% ---------------- ------------ TOTAL INVESTMENT PORTFOLIO (cost $202,899,786) (a) 242,762,422 100.6% OTHER ASSETS AND LIABILITIES, net, (1,522,290) -0.6% ---------------- ------------ NET ASSETS $ 241,240,132 100.0% ================ ============ ------- * Non-income producing security. (a) The aggregate identified cost for federal income tax purposes is substantially the same. Market value includes net unrealized appreciation of $39,862,636 which consists of aggregate gross unrealized appreciation for all securities in which there is an excess of market value over tax cost of $48,074,398 and aggregate gross unrealized depreciation for all securities in which there is an excess of tax cost over market value of $8,211,762
------------------------------------------------------------------------------------------------------------------------ HERITAGE SERIES TRUST - VALUE EQUITY FUND INVESTMENT PORTFOLIO JULY 31, 2004 (UNAUDITED) ------------------------------------------------------------------------------------------------------------------------ % OF NET SHARES VALUE ASSETS ------ ----- ------ COMMON STOCKS AGRICULTURE Altria Group Inc. 44,800 $ 2,132,480 6.4% Imperial Tobacco Group PLC., Sponsored ADR 4,200 183,960 0.6% Universal Corporation 11,600 559,468 1.7% UST, Inc. 39,350 1,493,333 4.5% --------------- --------------- 4,369,241 13.2% AUTO MANUFACTURERS Ford Motor Company 15,500 228,160 0.7% --------------- --------------- BANKS Bank of America Corporation 12,930 1,099,179 3.3% KeyCorp 22,300 673,014 2.0% PNC Bank Corporation 5,400 273,240 0.8% U.S. Bancorp 13,700 387,710 1.2% Wachovia Corporation 5,500 243,705 0.7% --------------- --------------- 2,676,848 8.0% COMPUTERS Electronic Data Systems Corporation 49,100 907,368 2.7% --------------- --------------- DIVERSIFIED MANUFACTURER General Electric Company 14,100 468,825 1.4% Tyco International Ltd. 14,500 449,500 1.4% --------------- --------------- 918,325 2.8% ELECTRICAL COMPONENTS & EQUIPMENT Emerson Electric Company 7,050 427,935 1.3% --------------- --------------- FINANCIAL SERVICES CIT Group Inc. 15,650 543,994 1.6% Fannie Mae 23,400 1,660,464 5.0% Freddie Mac 36,800 2,366,607 7.1% Piper Jaffray Companies* 137 5,583 0.0% --------------- --------------- 4,576,648 13.7% FOOD Safeway Inc.* 5,700 120,441 0.4% --------------- --------------- HEALTHCARE PRODUCTS Becton, Dickinson and Company 6,325 298,730 0.9% --------------- --------------- HEALTHCARE SERVICES HCA Inc. 13,000 502,450 1.5% Humana, Inc.* 4,100 74,251 0.2% Laboratory Corporation of America Holdings* 15,080 590,533 1.8% Quest Diagnostics Inc. 6,940 569,635 1.7% Tenet Healthcare Corporation* 13,700 153,166 0.5% --------------- --------------- 1,890,035 5.7% INSURANCE American International Group, Inc. 9,200 649,980 2.0% Marsh & McLennan Companies, Inc. 7,300 323,974 1.0% Ohio Casualty Corporation* 9,100 170,170 0.5% SAFECO Corporation 560 26,354 0.1% The St. Paul Travelers Companies, Inc. 4,400 163,108 0.5% --------------- --------------- 1,333,586 4.1% OIL & GAS ChevronTexaco Corporation 9,250 884,763 2.7% ConocoPhillips 17,223 1,356,655 4.1% Devon Energy Corporation 7,350 510,752 1.5% Kerr-Mcgee Corporation 7,150 375,375 1.1% Pioneer Natural Resources Company 4,100 147,805 0.4% Pogo Producing Company 2,400 106,512 0.3% Transocean Inc.* 3,200 90,880 0.3% --------------- --------------- 3,472,742 10.4% PHARMACEUTICALS AmerisourceBergen Corporation 8,500 459,510 1.4% Bristol-Myers Squibb Company 35,395 810,546 2.4% Cardinal Health, Inc. 3,000 133,500 0.4% Medco Health Solutions, Inc.* 13,263 401,869 1.2% Merck & Company, Inc. 13,825 626,964 1.9% Pfizer, Inc. 26,905 859,883 2.6% Schering-Plough Corporation 4,385 85,332 0.2% ------------------------------------------------------------------------------------------------------------------------ HERITAGE SERIES TRUST - VALUE EQUITY FUND INVESTMENT PORTFOLIO JULY 31, 2004 (UNAUDITED) ------------------------------------------------------------------------------------------------------------------------ % OF NET SHARES VALUE ASSETS ------ ----- ------ Wyeth 3,325 117,705 0.4% --------------- --------------- 3,495,309 10.5% PIPELINES El Paso Corporation 28,600 225,654 0.7% --------------- --------------- RETAIL Best Buy Company, Inc. 1,150 55,384 0.2% Borders Group Inc. 26,850 614,060 1.9% Federated Department Stores, Inc. 13,300 637,336 1.9% Home Depot, Inc. 15,600 526,032 1.6% Lowe's Companies Inc. 5,800 282,576 0.9% May Department Stores Company 5,100 135,303 0.4% Staples Inc. 14,700 424,535 1.3% --------------- --------------- 2,675,226 8.2% SAVINGS & LOANS Sovereign Bancorp Inc. 27,600 600,852 1.8% Washington Mutual, Inc. 46,800 1,815,840 5.5% --------------- --------------- 2,416,692 7.3% Total Common Stocks 30,032,940 90.6% --------------- --------------- REPURCHASE AGREEMENT Repurchase Agreement with State Street Bank and Trust Company, dated July 30, 2004 @ 1.18% to be repurchased at $3,056,301 on August 2, 2004, collateralized by $2,560,000 United States Treasury Bonds, 6.75% due August 15, 2026, (market value $3,125,804 including interest) 3,056,000 9.2% --------------- --------------- TOTAL INVESTMENT PORTFOLIO (cost $29,447,365) (a) 33,088,940 99.8% OTHER ASSETS AND LIABILITIES, net, 69,752 0.2% --------------- --------------- NET ASSETS $ 33,158,692 100.0% =============== =============== -------- * Non-income producing security. (a) The aggregate identified cost for federal income tax purposes is substantially the same. Market value includes net unrealized appreciation of $3,899,122 which consists of aggregate gross unrealized appreciation for all securities in which there is an excess of market value over net unrealized depreciation of $4,,342,048 which consists of depreciation for all securities in which there is an excess of tax cost over market value of $442,926. ADR -- American Depository Receipt.
OPEN FUTURES CONTRACTS NUMBER OF EXPIRATION CURRENT UNREALIZED CONTRACT TYPE CONTRACTS DATE VALUE DEPRECIATION -------------- ---------- ---- ------ ------------ S&P 500 Index 7 Sep-04 1,575 $ (46,375) ------------------------ $1,575 $ (46,375) ------------------------
ITEM 2. CONTROLS AND PROCEDURES (a) Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), the Principal Executive Officer and Treasurer of Heritage Series Trust have concluded that such disclosure controls and procedures are effective as of a date 90 days prior to the filing of this Form N-Q. (b) There was no change in the internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 Act) of Heritage Series Trust that occurred during the most recent fiscal quarter that has materially affected or is reasonably likely to materially affect, its internal controls over financial reporting. ITEM 3. EXHIBITS (a) Certifications of the Principal Executive Officer and Treasurer of Heritage Series Trust as required by Rule 30a-2(a) under the Investment Company Act of 1940. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. HERITAGE SERIES TRUST Date: September 28, 2004 /s/ K.C. Clark --------------------------- K.C. Clark Executive Vice President and Principal Executive Officer Pursuant to the requirement of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Date: September 28, 2004 /s/ K.C. Clark --------------------------- K.C. Clark Executive Vice President and Principal Executive Officer Date: September 28, 2004 /s/ Andrea N. Mullins --------------------------- Andrea N. Mullins Treasurer