Rule 497(e)
File No. 33-24611
File No. 811-5659
HEITMAN REAL ESTATE FUND
SUPPLEMENT DATED NOVEMBER 5, 1996
TO THE HEITMAN REAL ESTATE FUND'S
STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 1996
The following is to be inserted on page 4 of the Statement
of Additional Information as the second sentence in the last
paragraph under the caption EXECUTION OF PORTFOLIO TRANSACTIONS:
During the fiscal year ended December 31, 1995, transactions
of the Fund aggregating $40,827,688.05 were allocated to brokers
providing research, statistical and other related services and
$127,411.50 in brokerage commissions were paid on these
transactions.
