HERITAGE SERIES TRUST


SUPPLEMENT  DATED JANUARY 21, 2003 TO THE HERITAGE EQUITY FUNDS PROSPECTUS DATED
JANUARY 2, 2003


                                VALUE EQUITY FUND

          The following paragraph replaces the existing paragraph in the section
titled "Portfolio Managers" on page 29 of the Prospectus:


PORTFOLIO  MANAGERS.  Russell  S.  Tompkins,  a Managing  Partner  and the Chief
Operating  Officer at Osprey Partners  Investment  Management,  LLC, and John W.
Liang,  a  Managing  Partner  and Chief  Investment  Officer  at  Osprey,  share
responsibility for the day-to-day management of the fund's investment portfolio.


         The  following   paragraph  replaces  the  existing  paragraph  in  the
subsection  titled  "Value  Equity  Fund"  under the section  titled  "Portfolio
Managers" on page 32 of the Prospectus:


o VALUE EQUITY FUND -- Russell S.  Tompkins has shared  responsibility
for the day-to-day  management of the fund since Osprey began managing
the fund's  assets in May 1999.  John W. Liang of Osprey  Partners has
served as co-manager to the Fund since January 2003. Mr.  Tompkins has
been a Managing  Partner and Chief  Operating  Officer at Osprey since
September   1998.  At  the  time  of  his  departure  from  Fox  Asset
Management,  Inc., Mr. Tompkins was a Managing  Director,  Director of
Compliance and Senior Portfolio  Manager.  He was employed at Fox from
January 1988 to September 1998. Mr. Liang has been a Managing  Partner
and Chief  Investment  Officer of Osprey since  September 1998. At the
time of Mr.  Liang's  departure  from Fox Asset  Management,  Inc., he
served as a Managing  Director and Senior  Portfolio  Manager.  He was
employed by Fox from May 1989 to September 1998.