Rule 497(e)
File No. 33-24611
File No. 811-5659
HEITMAN REAL ESTATE FUND
SUPPLEMENT DATED FEBRUARY 22, 1996
TO THE HEITMAN/PRA INSTITUTIONAL CLASS PROSPECTUS AND ADVISOR
CLASS PROSPECTUS
DATED MAY 15, 1995
Effective January 22, 1996, Michael T. Oliver has resigned
his positions as a portfolio manager of the Heitman Real Estate
Fund (the "Fund"), Trustee and President of the Heitman
Securities Trust (the "Trust"). Dean A. Sotter will continue his
position as portfolio manager and is primarily responsible for
monitoring the day-to-day investment activity of the Fund. In
addition, the Board of Trustees has elected William L. Ramseyer
to the Board of Trustees where he will hold the position of
President of the Trust and Chairman of the Board of Trustees.
Mr. Ramseyer is the CEO and Chairman of the Board of Heitman/PRA
Securities Advisors, Inc. ("Heitman/PRA Advisors") and has
previously served as a Trustee of the Trust.
