LEXINGTON GOLDFUND INC
N-18F1, 2000-08-21
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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  FORM N-18F-1


                 NOTIFICATION OF ELECTION PURSUANT TO RULE 18f-1
                    UNDER THE INVESTMENT COMPANY ACT OF 1940








                             PILGRIM GOLD FUND, INC.
                            ------------------------
                            Exact Name of Registrant
<PAGE>
                            NOTIFICATION OF ELECTION


     The undersigned registered open-end investment company,  Pilgrim Gold Fund,
Inc. (the "Fund"),  hereby notifies the Securities and Exchange  Commission that
the Fund elects to commit itself to pay in cash all redemptions by a shareholder
of record as provided by Rule 18f-1 under the Investment Company Act of 1940. It
is  understood  that this election is  irrevocable  while such Rule is in effect
unless the Commission by order upon  application  permits the withdrawal of this
Notification of Election.


                                    SIGNATURE


     Pursuant to the requirements of Rule 18f-1 under the Investment Company Act
of 1940,  the  Registrant  has caused this  Notification  of Election to be duly
executed  on its behalf in the city of  Phoenix  and the state of Arizona on the
21st day of August, 2000.


                                      Signature: Pilgrim Gold Fund, Inc.
                                                 -------------------------------
                                                    (Exact Name of Registrant)



                                      By: /s/ James M. Hennessy
                                          --------------------------------------
                                          James M. Hennessy
                                          Executive Vice President and Secretary

Attest: Kim Anderson
       -------------------------------
       Name: Kim Anderson
       Title: Assistant Vice President


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