LEXINGTON CORPORATE LEADERS TRUST FUND
Supplement dated May 8, 2000
To the Prospectus dated May 1, 2000
On February 29, 2000, Lexington Global Asset Managers, Inc.
("LGAM"), the corporate parent of Lexington Management Corporation
("LMC"), the sponsor of the Lexington Corporate Leaders Trust Fund
(the "Trust"), entered into an agreement with ReliaStar Financial
Corp. ("ReliaStar") for ReliaStar to acquire LGAM.
On May 1, 2000, ING Groep NV ("ING") entered into an agreement
with ReliaStar for ING to acquire ReliaStar. ING is a global
financial institution active in the field of insurance, banking, and
asset management in more than 60 countries, with almost 90,000
employees. Completion of the acquisition is contingent upon, among
other things, certain shareholder and regulatory approvals. The
closing of the acquisition is expected to occur during the third
quarter of 2000.
It is still contemplated that, pursuant to Article VIII, Section
8.02 of the Trust's Amended and Restated Trust Indenture effective as
of November 14, 1989, as amended April 23, 1993, and June 1, 1998, the
Trustee of the Trust, State Street Bank and Trust Company, will be
asked by LMC to appoint Pilgrim Investments, Inc., an indirect,
wholly-owned subsidiary of ReliaStar, as successor sponsor upon the
resignation of LMC.
