Rule 497(e)
Registation No. 2-10841
LEPERCQ-ISTEL FUND
SUPPLEMENT DATED AUGUST 12, 1998
TO
PROSPECTUS DATED APRIL 28, 1998
Mr. Jerry P. Getsos, Senior Vice President and Portfolio Manager of
Leqercq, de Neuflize & Co. Incorporated (the "Adviser") and Executive Vice
President of Lepercq- Istel Fund (the "Fund"), has been appointed co-manager of
the Fund. Mr. Getsos and Mr. Tsering Ngudu, President of the Fund and Senior
Vice President of the Adviser, are primarily responsible for the day-to-day
management of the Fund's investment portfolio.
Prior to joining the Adviser in 1996, Mr. Getsos was a research analyst
at Lexington Management Corporation. Mr. Getsos earned MBA and BS degrees from
Fordham University in 1987 and 1985, respectively.
