Rule 497(e)
File No. 33-87298
File No. 811-8902
1838 INTERNATIONAL EQUITY FUND
Supplement dated December 12, 1996
to the 1838 International Equity Fund Prospectus
dated February 1, 1996
The Board of Trustees of the 1838 Investment Advisors Funds has voted
to terminate the Sub-Investment Advisory Agreement among 1838
International Equity Fund (the "Fund"), MeesPierson 1838 Investment
Advisors, the Sub-Advisor to the Fund, and 1838 Investment Advisors, L.P.,
the Advisor to the Fund, effective January 1, 1997. Johannes B. van den
Berg, the Portfolio Manager of the Fund and Managing Director of the Sub-
Advisor, will become an employee of 1838 Investment Advisors L.P., the
Fund's Investment Advisor, and will continue in his role as Portfolio
Manager of the Fund.
