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LASALLE PARTNERS U.S. REAL ESTATE FUND
Supplement to Prospectus dated January 28, 1998
This Supplement corrects certain information contained in the Prospectus and
should be retained and read in conjunction with the Prospectus.
The following replaces in its entirety the information under "Performance of
LaSalle Securities" beginning at page 4 of the Prospectus:
The chart below shows the historical performance of all accounts having
substantially the same investment objectives, policies and risks as the Fund
and the Trust for which the investment manager is LaSalle Securities, the
Trust's investment manager. The data is provided to illustrate LaSalle
Securities' past performance in managing substantially similar accounts in
accordance with the same strategy, research and analytical models utilized for
the Trust. This information does not represent the performance of the Fund and
the Trust. You should not consider this performance data as an indication of
future performance of the Fund or the Trust. The Fund's performance for the
period March 30, 1998 (commencement of operations) through December 31, 1998
is contained in the Fund's 1998 Annual Report.
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<CAPTION>
Years Ended December 31,
------------------------------------------------------------------------
1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
---- ---- ---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
LaSalle Securities
Composite1............. 37.8% 15.8% 6.0% 17.5% 16.7% 35.0% (18.7)% 10.5% 13.5% (2.2)%
Mutual Fund2............ 32.7% 18.2% -- -- -- -- -- -- -- --
Wilshire Index3......... 36.8% 13.7% 1.6% 15.2% 7.4% 20.0% (33.5)% 2.4% 24.2% (7.9)%
Number of portfolios.... 32 27 18 14 16 12 10 8 6 2
Assets, end of period
(millions)............. $2,250.3 $1,346.4 $629.4 $291.5 $144.4 $127.8 $ 84.5 $84.3 $74.5 $ 52.3
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1. The composite performance data shown above for the LaSalle Securities Asset
Weighted Rate of Return (the "LaSalle Composite") was developed from the
aggregate performance of all private accounts managed by LaSalle Securities
on a basis substantially the same as the Trust. The composite performance
data is provided net of investment management fees, but custodial fees and
expenses have not been deducted. The investment management fees deducted
generally are substantially lower than the fees and expenses paid by the
Fund and the Trust, and the composite returns would have been lower if the
accounts included had been subject to the fees and expenses incurred by the
Fund and the Trust. In addition, if the accounts were regulated investment
companies under federal securities and tax laws, the composite returns
might have been adversely affected by the diversification requirements, tax
restrictions and investment limitations to which the Fund and the Trust are
subject. The net investment performance represents total return, assuming
reinvestment of all dividends and proceeds from capital transactions. The
composite performance data have been computed in accordance with the
Performance Presentation Standards established by the Association for
Investment Management and Research ("AIMR"), but have not been verified by
an entity independent of LaSalle Securities. These standards differ from
the SEC's method of performance calculation.
2. LaSalle Securities is the sub-adviser of a mutual fund with substantially
similar investment objectives, policies and risks as the Fund and the
Trust. Performance information was obtained from the fund's annual reports
to shareholders and is provided net of fund expenses. The net investment
performance assumes reinvestment of all dividends and proceeds from capital
transactions. The effect of sales charges on the purchase of fund shares
have not been included. If sales charges were reflected, the reported
returns would be lower.
3. The Wilshire Real Estate Securities Index is an unmanaged index of REITs
and real estate operating companies and is widely recognized as an
indicator of the performance of the real estate securities market.
Dated: March 1, 1999
