Rule 497(e)
Registration No. 33-78574
Lepercq-Istel Fund
Supplement to the Prospectus dated May 1, 1995
Effective June 3, 1995, payment for redemptions will be made no
later than three business days after proper receipt of redemption
notification.
Effective October 1, 1995, Firstar Trust Company, 615 E. Michigan
Street, P.O. Box 701, Milwaukee, WI 53201-0701 (telephone 800-
338-1579) will act as custodian of the Fund's cash and securities
and as the Fund's transfer agent, dividend disbursing agent and
administrator. For its services as fund administrator, Firstar
Trust Company will receive a fee payable monthly at an annual
rate of .05% of the first $100,000,000 of the Fund's average net
assets. .04% of the next $400,000,000 of the Fund's average net
assets, and .03% of the Fund's average net assets in excess of
$500,000,000. Notwithstanding the foregoing, the minimum fee
payable to Firstar Trust Company as administrator is $25,000.
Effective October 1, 1995, upon request, the Fund will make
arrangements to accept purchase orders and redemption requests by
telephone for institutional accounts.
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