LEPERCQ ISTEL TRUST
497, 1996-09-17
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Lepercq-Istel Fund

Supplement to Statement of Additional Information dated April
29, 1996

Consistent with the Prospectus dated April 29, 1996, the last
sentence on page 6 should read:  The Trustees have also
determined, as a matter of policy that no covered call option
will be written if, as a result, portfolio securities exceeding
15% of the Fund's net assets would be subject to covered call
options.




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