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HERITAGE SERIES TRUST - VALUE EQUITY FUND
Supplement dated March 22, 1996 to the
Prospectus dated March 1, 1996
At its March 15, 1996 meeting, the Board of Trustees of Heritage
Series Trust (the "Trust") approved the appointment of Dreman Value
Advisors, Inc. ("Dreman") as a subadviser to the Value Equity Fund (the
"Fund"), subject to shareholder approval at a Special Shareholder Meeting
to be held on May 24, 1996, or any adjournment(s) thereof.
If approved by shareholders, Dreman would provide investment
advice and portfolio management services with respect to Fund assets
allocated to it by the Fund's investment adviser, Heritage Asset
Management, Inc. Dreman intends to follow substantially the same
investment approach employed by Eagle Asset Management, Inc., currently
the Fund's sole subadviser. For these services, Heritage (and not the
Trust) would pay Dreman a monthly fee at an annual rate equal to 0.35% of
the Fund's average daily net assets allocated to Dreman by Heritage.
Dreman was established as a wholly-owned subsidiary of Zurich Kemper
Investments, Inc. in August 1995. Dreman previously conducted business as
Dreman Value Management, L.P. Dreman serves as an investment advisor to
mutual fund series and to private accounts with aggregate assets in excess
of $1.8 billion. Dreman's offices are located at 10 Exchange Place, 20th
Floor, Jersey City, NJ 07301.
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