Supplement Dated October 21, 1998 to the Prospectus Dated December 1,
1997
ADVANTUS Venture Fund, Inc.
Reorganization of Current Transfer Agent
The Minnesota Mutual Life Insurance Company (the "Company") currently
serves as transfer agent for the Advantus Funds. Advantus Capital
Management, Inc., the investment adviser to the Advantus Funds, is a wholly-
owned subsidiary of the Company. Effective October 1, 1998, the Company has
reorganized into a mutual insurance holding company structure and changed its
name to Minnesota Life Insurance Company ("Minnesota Life"). As a result of
the Plan, the Company, as Minnesota Life, will continue its corporate
existence as a stock life insurance company. Minnesota Life is a third tier
subsidiary of a newly-organized mutual insurance holding company, Minnesota
Mutual Companies, Inc.
New Transfer Agent and Shareholder Procedures
Effective October 26, 1998, First Data Investor Services Group, Inc.
("First Data") will replace Minnesota Life as transfer agent to the Advantus
Funds. Minnesota Life will continue to serve as the Advantus Funds'
Shareholder Servicing Agent. Purchase orders, including account applications
in the case of new investors, and written redemption requests, in the form
described in the prospectus, may be sent directly to the Fund at the
following address:
First Data Investor Services Group, Inc.
Advantus Funds Group
P.O. Box 9767
Providence, Rhode Island 02940-5059
Signed written redemption requests may also be submitted to First Data by Fax
at 1-508-871-3560. All purchase and redemption orders will be effected at
the price next determined following receipt by First Data.
Telephone Transactions and Redemptions
All telephone transaction requests should continue to be directed to the
Advantus Shareholder Services division of Minnesota Life at 1-800-665-6005.
The maximum amount which may be redeemed by telephone is increased from
$25,000 to $50,000.
Exchange and Telephone Transfer of Fund Shares
The number of exchanges which may be made in a calendar year without
charge is increasing from four to twelve. A $7.50 service charge will
continue to be imposed on each exchange and/or telephone transfer in excess
of twelve.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
F. 52768 10-1998
Redemption of Fund Shares - Signature Guarantee
The redemption amount requiring a signature guarantee is increased from
$25,000 to $50,000. No signature guarantee is required if the redemption
proceeds are less than $50,000. A signature guarantee is required for
redemption proceeds of $50,000 or more. Signature guarantees must be
originals and may not be submitted by Fax.
Portfolio Manager
Effective October 1, 1998, the Portfolio Manager of the Advantus Venture
Fund, Inc. is Mark L. Henneman. Mr. Henneman has been a Vice President and
Portfolio Manager of Advantus Capital Management, Inc. since July 1998.
Prior to that time, Mr. Henneman was a Senior Equity Analyst from September
1995 to June 1998, and a Quantitative/Fundamental Analyst from May 1992 to
September 1995, with The St. Paul Companies, St. Paul, Minnesota.
