RULE 497(e)
REGISTRATION NO.: 33-78574
THE LEPERCQ-ISTEL FUND
SUPPLEMENT DATED NOVEMBER 1, 1997
TO
THE PROSPECTUS DATED APRIL 30, 1997
PORTFOLIO MANAGERS
The following information updates the pertinent disclosure found on page
5 of the Prospectus concerning the Lepercq-Istel Fund:
The Lepercq-Istel Fund is no longer co-managed by Andrew Merz
Hanson and Tsering Ngudu. Mr. Ngudu, effective November 1, 1997,
became the sole portfolio manager of the Fund.
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RULE 497(e)
REGISTRATION NO.: 33-78574
THE LEPERCQ-ISTEL FUND
SUPPLEMENT DATED NOVEMBER 1, 1997
TO
THE STATEMENT OF ADDITIONAL INFORMATION DATED APRIL 30, 1997
TRUSTEES AND OFFICERS OF THE TRUST
The following information updates the pertinent disclosure found on
page 7 of the Statement of Additional Information concerning the
Lepercq-Istel Fund:
Andrew M. Hanson and Tsering Ngudu are no longer
Co-Presidents of the Lepercq-Istel Fund. Mr. Ngudu,
effective November 1, 1997, became the sole President of the
Fund. Accordingly, please disregard all information
regarding Andrew M. Hanson on page 7 of the Statement of
Additional Information.
