Securities Act File No. 033-26116
LEXINGTON NATURAL RESOURCES TRUST
Supplement dated November 6, 2000
to the Prospectus dated May 1, 2000
The following information replaces the disclosure under the heading "Portfolio
Manager" on page 5 of the Prospectus:
The Fund is managed by an investment management team. Frank A. Peluso and
James A. Vail are the lead managers.
Frank A. Peluso has 37 years of investment experience. Mr. Peluso is
President and Chief Executive Officer of Market Systems Research Advisors,
Inc. ("MSR"), the sub-adviser to the Fund. Mr. Peluso utilizes a
proprietary analytical system to identify securities with performance
potential which he believes to be exceptional. In addition, Mr. Peluso's
proprietary data is used by professional money managers, insurance
companies, brokerage firms, banks, mutual fund companies and pension funds.
In 1976, he established Marketiming, Inc. (currently named Market Systems
Research, Inc., a fully-owned subsidiary of MSR.) He was with MSR since its
inception in 1986. Mr. Peluso graduated from Princeton University and
completed a year of post-graduate study at Columbia University, and two
years of post-graduate study at Princeton University with a Fellowship in
Mathematics.
James A. Vail serves as Vice President and Portfolio Manager of ING Pilgrim
Investments, Inc. ("ING Pilgrim"). He is a Chartered Financial Analyst, a
member of the New York Society of Security Analysts and has 25 years of
investment experience. Prior to joining ING Pilgrim in July 2000, Mr. Vail
was a Vice President at Lexington Management Corporation ("Lexington")
(which was acquired by ING Pilgrim's parent company in July 2000). 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 a Senior Investment Analyst.
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