HERITAGE SERIES TRUST
March 22, 2000
Supplement to Statement of Additional Information
Dated January 3, 2000
The following paragraph replaces the first paragraph on page 7 under the
"Foreign Securities" section of the Statement of Additional Information:
Each Fund may invest in foreign securities. In most cases, the
best available market for foreign securities will be on exchanges or
in over-the-counter markets located outside the United States.
Foreign stock markets, while growing in volume and sophistication,
generally are not as developed as those in the United States, and
securities of some foreign issuers (particularly those located in
developing countries) may be less liquid and more volatile than
securities of comparable U.S. companies. Their markets and economies
may react differently to specific or global events than the U.S.
market and economy. In addition, foreign brokerage commissions
generally are higher than commissions on securities traded in the
United States. In general, there is less overall governmental
supervision and regulation of securities exchanges, brokers and
listed companies than in the United States. Investments in foreign
securities also involve the risk of possible adverse changes in
investment or exchange control regulations, expropriation or
confiscatory taxation, limitation on or delays in the removal of
funds or other assets of a fund, political or financial instability
or diplomatic and other developments that could affect such
investments.
In addition, page 2 of Appendix A, the Fund Investment Table, to the
Statement of Additional Information is modified to reflect that Small Cap may
now invest up to 15% of its net assets in foreign securities.
