July 1, 1998
LEXINGTON GOLDFUND, INC.
SUPPLEMENT TO PROSPECTUS DATED MAY 1, 1998
PORTFOLIO MANAGERS
Lexington Goldfund is managed by a portfolio management team. The
senior members of the portfolio management team consist of Robert M.
DeMichele and James A. Vail.
ROBERT M. DEMICHELE is part of a portfolio management team that
manages several Lexington Funds including the Lexington Natural
Resources Trust. Mr. DeMichele is Chairman and Chief Executive Officer
of Lexington Management Corporation. He is also the Chairman of the
Investment Strategy Group. In addition, he is President of Lexington
Global Asset Managers, Inc., LMC's parent company. He holds similar
offices in other companies owned by Lexington Global Asset Managers,
Inc., as well as the Lexington Funds. Prior to joining LMC in 1981, Mr.
DeMichele was a Vice President at A.G. Becker, Inc. the securities
division of Warburg, Paribus, Becker, an international investment
banking firm. From 1973 to 1981, Mr. DeMichele held several positions,
the most recent managing A.G. Becker's Funds Evaluation and Consulting
Group for both the East and West coasts. Mr. DeMichele is a graduate of
Union College with a B.A. Degree in Economics and an M.B.A. in Finance
from Cornell University.
James A. Vail is a Vice President and is responsible for equity
analysis and portfolio management at Lexington. He is a Chartered
Financial Analyst, member of the New York Society of Security Analysts
and has 24 years investment experience. His responsibilities include
securities analysis of the natural resources sector. Prior to joining
Lexington in 1991, Mr. Vail held investment research positions with
Chemical Bank, Oppenheimer & Co., Robert Fleming Inc. and most recently
Beacon Trust Company where he was Senior Investment Analyst. Mr. Vail
is a graduate of St. Peter's College with a B.S. and holds an M.B.A. in
Finance from Seton Hall University.
