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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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