Securities Act File No. 02-57547
LEXINGTON MONEY MARKET TRUST (THE "FUND")
Supplement dated July 31, 2000
to the Prospectus dated July 31, 2000
Acquisition of ReliaStar Financial Corp. by ING Groep N.V.
On May 1, 2000, ReliaStar Financial Corp. (NYSE: RLR), the indirect parent
company of Pilgrim Investments, Inc., Adviser to the Fund, and Pilgrim
Securities, Inc., Distributor to the Fund, entered into an agreement under which
it will be acquired by ING Group (NYSE: ING). ING Group 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, approval by the
Directors/Trustees of the Pilgrim Funds and certain shareholder and regulatory
approvals. The closing of the acquisition is expected to occur during the third
quarter of 2000.
Pilgrim Investments and Pilgrim Securities are expected to remain intact after
the transaction. Pilgrim Investments does not currently anticipate that there
will be any changes in the investment personnel primarily responsible for
management of the Fund as a result of the acquisition.
The advisory contract between the Fund and Pilgrim Investments may terminate
automatically at the time of the acquisition. As a result, the Board of Trustees
of the Fund approved a new advisory contract between the Fund and Pilgrim
Investments, and shareholders of the Fund approved this contract at a meeting
held on July 21, 2000.
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