Off-Off Broadway's Freestyle Repertory Company returns, Oct. 28-Nov. 20, with something brand new -- and hundreds of years old.

The all-improvisational company, best known for their Theatresports evenings, now offer "Olde & News," which, depending on the audience's wish, can stay in Elizabethan times or zip through the modern era. Taking a two-pronged approach, the show can be either a full-length, Shakespearean style comedy-drama, or a look at current, newsworthy events.

Castmembers in Freestyle Rep currently include Laura Livingston, Michael Durkin, Trevor Davis, Paula Boyajian, Hilary Kimblin, D.A. Strawder, Mat Young and Paul Hallinan Miller.

Unlike Chicago, where improv troupes are something of a local industry, New York offers few long-standing improvisatory companies, the other exception being the ironically-titled, Chicago City Limits. Freestyle Rep, now under the artistic direction of Laura Livingston, has been presenting a season of improv since 1982.

Reservations for Olde & News, which is performed at the Trilogy Theatre on West 44th Street, can be made by calling (212) 642-8202. -- By David Lefkowitz