<PAGE>
Semi-Annual Report
[GRAPHIC] June 30, 2000
(unaudited)
================================================================================
Pilgrim Mutual Funds
================================================================================
PILGRIM
GLOBAL CORPORATE
LEADERS FUND, INC.
------------------------------------------------------------
Investment Objective: Long-term Growth of Capital and Income
<PAGE>
Chairman's Message
-------------------------------------------------------------------------------
Dear Shareholders:
Welcome to the Pilgrim Mutual Funds family. We are pleased to present the
Semi-Annual Report for Pilgrim Global Corporate Leaders Fund, Inc. (formerly
Lexington Global Corporate Leaders Fund, Inc.).
On July 26, 2000, ReliaStar Financial Corp. ("ReliaStar") acquired Lexington
Management Corporation and all of its subsidiaries. In conjunction with the
acquisition, Pilgrim Investments, Inc., a subsidiary of ReliaStar, was
appointed to the role of Investment Adviser to the Fund. As a shareholder in
the Pilgrim family of funds, you now have access to more funds with varying
investment objectives. As a Lexington Fund shareholder as of July 26th, you
can now exchange into any Pilgrim Fund A shares without paying a sales load.
Our fund family has 41 varying types of mutual funds which provide more core
investment choices for the serious investor. We believe that the key to
success is matching quality core investments to the individual needs of
investors. Core investments are the foundation of every portfolio and the
basis of other important investment decisions. Pilgrim prides itself on
providing a family of core investments designed to help you reach your
financial goals. Our goal is for every investor to have a successful
investment experienceSM.
If you have any questions regarding your account, or any other Pilgrim Fund
you can access, please call us at 800-992-0180 or visit our website at
www.pilgrimfunds.com.
Sincerely,
/s/ Robert W. Stallings
Robert W. Stallings
Chairman and Chief Executive Officer
Pilgrim Group, Inc.
August, 2000
<PAGE>
Dear Shareholders:
-------------------------------------------------------------------------------
The Pilgrim Global Corporate Leaders Fund, Inc. (formerly Lexington Global
Corporate Leaders Fund, Inc.) declined 4.3%* during the second quarter and has
declined 4.9%* during the six month period ending June 30, 2000. The average
return for the global fund category for the latest three month and six month
period was negative 4.7% and 1.2%, respectively, according to Lipper, Inc. The
unmanaged Morgan Stanley Capital International World Index declined 3.5%**
during the second quarter and posted a 2.6%** deficit for the first half year.
Although the year 2000 got off to a strong start, the environment for
equities continued to deteriorate, interest rates in both the United States
and Europe continued to move higher. Rising commodity prices, particularly
oil, have raised the fear of inflation and pressured margins on many
businesses. Inevitably, stocks suffered a sharp correction beginning in March.
Telecom stocks, along with technology and media companies suffered the
sharpest declines given their stellar performance in 1999. Some of the worst
performing markets during the first half were Ireland -18.5%, New Zealand -
18.3%, and Singapore -23.1%. Many emerging markets experienced even greater
declines. Given the sharp correction, the outlook for equities has improved.
Economic activity appears to be slowing in Europe and most importantly, the
United States. As a result, the pressure on central banks to continue to raise
interest rates has at least been partially alleviated. However, with lower
economic growth, investors face an increasing risk of profit shortfalls. Stock
selection will be the key deterrent to performance. There are several
opportunities available to investors. Financial stocks should benefit from an
easing of interest rate pressures. Equally, Hong Kong, which is highly
interest rate sensitive, looks appealing, especially with the added benefit of
an improving Chinese economic outlook and expected entry into the World Traded
Organization. Mexico should continue to benefit from a clean and free
presidential election, strong oil prices, and high exposure to the U.S.
economy. Finally, the Japanese economy has shown some signs of life although
admittedly muted. Restructuring continues in both Europe and Japan and those
companies committed to improving shareholder returns are likely to perform
well.
The Pilgrim Global Corporate Leaders Fund remains well-diversified in large
world class global companies. The managers will continue to deploy a long-term
investment approach focusing on holding quality companies. Turnover should
remain relatively low keeping down trading costs as well as capital gains
taxes. Cash levels currently stand at 5% and it is the intention of the
managers to maintain only modest cash holdings over the long-term.
As you are aware, Lexington Global Asset Managers, Inc., the parent company
of Lexington Management Corporation was acquired by ReliaStar Financial Corp.
(NYSE:RLR) the parent company of Pilgrim Investments, Inc., an investment
management and mutual fund company with $17 billion of assets under
management.
1
<PAGE>
On May 1, ReliaStar announced that it agreed to be acquired by ING Groep
N.V. ("ING Group") in a transaction that, subject to certain approvals, is
expected to close in the third quarter of this year. ING Group is a global
financial institution that is active in the field of insurance, banking, and
asset management in more than 60 countries.
We wish to thank you for your continued support.
Sincerely,
/s/ Richard T. Saler /s/ Alan H. Wapnick
Richard T. Saler Alan H. Wapnick
Portfolio Manager Portfolio Manager
August, 2000 August, 2000
* 20.66%, 16.34%, and 10.89% are the one, five, and ten year average annual
standard total returns, respectively, for the period ended June 30, 2000.
Investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than at
their original cost. Total return represents past performance and is not
predictive or future results. Global investing has special risks, including
currency fluctuations and political instability. There is no guarantee that
the Fund can achieve its objective.
** All country and regional returns are from the corresponding Morgan Stanley
Capital International Indices. Returns are dollar based with all dividends
reinvested.
2
<PAGE>
Pilgrim Global Corporate Leaders Fund, Inc.
Statement of Net Assets
(Including the Portfolio of Investments)
June 30, 2000 (unaudited)
<TABLE>
<CAPTION>
Number of Value
Shares Security (Note 1)
--------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS: 91.8%
Australia: 2.1%
27,800 The News Corporation, Ltd............................... $ 383,909
----------
Canada: 1.4%
4,200 Four Seasons Hotels, Inc................................ 262,771
----------
France: 7.2%
2,630 Axa..................................................... 415,980
1,020 Cap Gemini SA........................................... 180,397
4,700 Schlumberger, Ltd. ..................................... 350,737
4,500 Vivendi................................................. 398,797
----------
1,345,911
----------
Germany: 4.1%
2,211 DaimlerChrysler AG...................................... 116,781
4,804 Deutsche Bank AG........................................ 396,496
6,500 Volkswagen AG........................................... 248,610
----------
761,887
----------
Japan: 16.3%
9,000 Canon, Inc. ............................................ 449,143
6,000 Ito-Yokado Company, Ltd................................. 361,810
18,000 NEC Corporation......................................... 566,533
129,000 Nippon Steel Corporation................................ 271,896
37 Nippon Telegraph & Telephone Corporation................ 493,093
5,100 Sony Corporation........................................ 477,214
3,000 Tokyo Electron, Ltd..................................... 411,714
----------
3,031,403
----------
Netherlands: 5.4%
4,000 Aegon NV................................................ 142,906
12,500 Koninklijke Ahold NV.................................... 369,416
5,400 Royal Dutch Petroleum Company........................... 336,982
3,750 Unilever NV - NY Shares................................. 161,250
----------
1,010,554
----------
Sweden: 2.1%
20,000 Telefonaktiebolaget LM Ericsson AB "Class B"............ 397,915
----------
Switzerland: 7.4%
174 Nestle AG............................................... 349,377
264 Novartis AG............................................. 419,526
29 Roche Holding AG........................................ 283,211
2,220 UBS AG.................................................. 326,297
----------
1,378,411
----------
United Kingdom: 7.9%
41,000 BP Amoco plc............................................ 393,523
22,700 British Telecommunications plc.......................... 293,482
31,300 Diageo plc.............................................. 280,993
19,800 Rio Tinto plc........................................... 323,732
44,500 Vodafone AirTouch plc................................... 179,874
----------
1,471,604
----------
</TABLE>
<TABLE>
<CAPTION>
Number of Value
Shares Security (Note 1)
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
United States: 37.9%
13,800 Alcoa, Inc. .................................. $ 400,200
8,400 American Express Company...................... 437,850
5,300 American Home Products Corporation............ 311,375
3,625 American International Group, Inc. ........... 425,938
9,800 Cisco Systems, Inc./1/........................ 622,606
7,700 Citigroup, Inc................................ 463,925
4,100 Exxon Mobil Corporation....................... 321,850
8,400 General Electric Company...................... 445,200
4,600 Intel Corporation............................. 614,819
5,300 Lucent Technologies, Inc. .................... 314,025
4,000 Microsoft Corporation/1/...................... 319,875
7,800 Morgan Stanley Dean Witter and Company........ 649,350
3,700 Procter & Gamble Company...................... 211,825
5,100 The Coca-Cola Company......................... 292,931
9,200 The Interpublic Group of Companies, Inc....... 395,600
10,700 The Walt Disney Company....................... 415,294
7,400 Wal-Mart Stores, Inc.......................... 426,425
-----------
7,069,088
-----------
TOTAL COMMON STOCKS
(cost $11,700,417)............................ 17,113,453
-----------
PREFERRED STOCK: 1.5%
Germany: 1.5%
1,500 SAP AG (Sysyeme, Anwendungen, Produkte in der
Datenverarbeitung)
(cost $197,506).............................. 277,512
-----------
TOTAL INVESTMENTS: 93.3%
(cost $11,897,923+) (Note 1).................. 17,390,965
Other assets in excess of
liabilities: 6.7%............................ 1,257,613
-----------
TOTAL NET ASSETS: 100.0%
(equivalent to $11.69 per share on 1,594,931
shares outstanding)........................... $18,648,578
===========
</TABLE>
--------
/1/Non-income producing security.
+Aggregate cost for Federal income tax purposes is $11,900,095.
3
<PAGE>
Pilgrim Global Corporate Leaders Fund, Inc.
Statement of Net Assets
(Including the Portfolio of Investments)
June 30, 2000 (unaudited) (continued)
At June 30, 2000, the composition of the Fund's net assets by industry
concentration was as follows:
<TABLE>
<S> <C>
Banking..................... 3.9%
Capital Equipment........... 5.3
Consumer Durable Goods...... 4.5
Consumer Non-durable Goods.. 8.9
Electrical & Electronics.... 10.7
Energy Sources.............. 7.5
Financial Services.......... 13.7
</TABLE>
<TABLE>
<S> <C>
Health & Personal
Care............... 5.4%
Materials........... 5.3
Merchandising....... 4.3
Services............ 14.8
Telecommunications.. 9.0
Other assets........ 6.7
-----
Total Net Assets.....100.0%
=====
</TABLE>
The Notes to Financial Statements are an integral part of this statement.
4
<PAGE>
Pilgrim Global Corporate Leaders Fund, Inc.
Statement of Assets and Liabilities
June 30, 2000 (unaudited)
<TABLE>
<S> <C>
Assets
Investments, at value (cost $11,897,923) (Note 1)................ $17,390,965
Cash............................................................. 1,043,550
Receivable for shares sold....................................... 310,053
Dividends and interest receivable................................ 26,683
-----------
Total Assets.................................................. 18,771,251
-----------
Liabilities
Due to Lexington Management Corporation (Note 2)................. 15,033
Payable for shares redeemed...................................... 42,980
Accrued expenses................................................. 64,660
-----------
Total Liabilities............................................. 122,673
-----------
Net Assets (equivalent to $11.69 per share on 1,594,931 shares
outstanding) (Note 3)........................................... $18,648,578
===========
Net Assets consist of:
Capital stock -- authorized 1,000,000,000 shares, $.001 par value
per share....................................................... $ 1,595
Additional paid-in-capital....................................... 11,958,918
Accumulated net investment loss.................................. (80,335)
Accumulated net realized gain on investments and foreign currency
transactions.................................................... 1,274,999
Unrealized appreciation of investments and foreign currency
translations of other assets and liabilities.................... 5,493,401
-----------
Total Net Assets.............................................. $18,648,578
===========
</TABLE>
Pilgrim Global Corporate Leaders Fund, Inc.
Statement of Operations
Six months ended June 30, 2000 (unaudited)
<TABLE>
<S> <C> <C>
Investment Income
Dividends.......................................... $ 109,810
Interest........................................... 21,253
-----------
131,063
Less: foreign tax expense.......................... 10,475
-----------
Total investment income............................ $ 120,588
Expenses
Investment advisory fee (Note 2)................... 92,006
Directors' fees and expenses....................... 32,793
Professional fees.................................. 20,193
Transfer agent and shareholder servicing expenses
(Note 2).......................................... 18,262
Registration fees.................................. 10,846
Printing and mailing expenses...................... 7,904
Accounting expenses (Note 2)....................... 5,853
Computer processing fees........................... 4,576
Custodian expenses................................. 2,983
Other expenses..................................... 5,238
-----------
Total expenses..................................... 200,654
-----------
Net investment loss................................ (80,066)
Realized and Unrealized Gain (Loss) on Investments
(Note 4)
Net realized gain (loss) on:
Investments........................................ 1,277,829
Foreign currency transactions...................... (658)
-----------
Net realized gain................................. 1,277,171
Net change in unrealized appreciation (depreciation)
of:
Investments........................................ (2,158,862)
Foreign currency translation of other assets and
liabilities....................................... 945
-----------
Net change in unrealized appreciation............. (2,157,917)
-----------
Net realized and unrealized loss.................... (880,746)
-----------
Decrease in Net Assets Resulting from Operations.... $ (960,812)
===========
</TABLE>
The Notes to Financial Statements are an integral part of these statements.
5
<PAGE>
Pilgrim Global Corporate Leaders Fund, Inc.
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Six months ended
June 30, 2000 Year ended
(unaudited) December 31, 1999
---------------- -----------------
<S> <C> <C>
Operations:
Net investment loss......................... $ (80,066) $ (115,216)
Net realized gain from investments and
foreign currency transactions.............. 1,277,171 986,327
Net change in unrealized appreciation of
investments and foreign currency
translation................................ (2,157,917) 5,088,015
----------- -----------
Net increase (decrease) in net assets
resulting from operations................ (960,812) 5,959,126
----------- -----------
Distributions to Shareholders: (Note 1)
Distributions to shareholders from net
investment income.......................... -- (1,147,467)
Distributions to shareholders from net
realized gains from security transactions.. -- (123,607)
----------- -----------
Decrease in net assets from
distributions............................ -- (1,271,074)
----------- -----------
Capital Share Transactions: (Note 3)
Proceeds from sale of shares................ 2,197,235 2,893,261
Reinvested dividends........................ -- 917,731
Cost of shares redeemed..................... (2,205,078) (6,684,363)
----------- -----------
Net decrease in net assets from capital
share transactions....................... (7,843) (2,873,371)
----------- -----------
Net increase (decrease) in net assets....... (968,655) 1,814,681
Net Assets:
Beginning of period........................ 19,617,233 17,802,552
----------- -----------
End of period (including accumulated net
investment loss of $80,335 and $269 in
2000 and 1999, respectively).............. $18,648,578 $19,617,233
=========== ===========
</TABLE>
The Notes to Financial Statements are an integral part of these statements.
The Notes to Financial Statements are an integral part of these statements.
6
<PAGE>
Pilgrim Global Corporate Leaders Fund, Inc.
Notes to Financial Statements
June 30, 2000 (unaudited) and December 31, 1999
1.Significant Accounting Policies
Pilgrim Global Corporate Leaders Fund, Inc. (formerly Lexington Global
Corporate Leaders Fund, Inc.), (the "Fund") is an open-end, diversified
management investment company registered under the Investment Company Act of
1940, as amended. The Fund's investment objective is to seek long-term growth
of capital primarily through investment in common stocks and equivalents of
companies domiciled in foreign countries and the United States. The following
is a summary of significant accounting policies followed by the Fund in the
preparation of its financial statements:
Investments Securities transactions are accounted for on a trade date
basis. Realized gains and losses from investment transactions are reported on
the identified cost basis. Securities traded on a recognized stock exchange
are valued at the last sales price reported by the exchange on which the
securities are traded. If no sales price is recorded, the mean between the
last bid and asked prices is used. Securities traded on the over-the-counter
market are valued at the mean between the last current bid and asked prices.
Short-term securities having a maturity of 60 days or less are stated at
amortized cost, which approximates market value. Securities for which market
quotations are not readily available and other assets are valued by Fund
management in good faith under the direction of the Fund's Board of Directors.
All investments quoted in foreign currencies are valued in U.S. dollars on the
basis of the foreign currency exchange rates prevailing at the close of
business. Dividend income and distributions to shareholders are recorded on
the ex-dividend date. Interest income, adjusted for amortization of premiums
and accretion of discounts, is accrued as earned.
Foreign Currency Transactions Foreign currencies (and receivables and
payables denominated in foreign currencies) are translated into U.S. dollar
amounts at current exchange rates. Translation gains or losses resulting from
changes in exchange rates and realized gains and losses on the settlement of
foreign currency transactions are reported in the statement of operations. In
addition, the Fund may enter into forward foreign exchange contracts in order
to hedge against foreign currency risk in the purchase or sale of securities
denominated in foreign currency. The Fund may also enter into such contracts
to hedge against changes in foreign currency exchange rates on portfolio
positions. These contracts are marked to market daily, by recognizing the
difference between the contract exchange rate and the current market rate as
unrealized gains or losses. Realized gains or losses are recognized when
contracts are closed and are reported in the statement of operations.
The Fund authorizes its custodian to place and maintain equity securities in a
segregated account of the Fund having a value equal to the aggregate amount of
the Fund's commitments under forward foreign currency contracts entered into
with respect to position hedges. There are no forward foreign currency
contracts outstanding at June 30, 2000.
Federal Income Taxes It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to "regulated investment
companies" and to distribute all of its taxable income to its shareholders.
Therefore, no provision for Federal income taxes is required.
Distributions Dividends from net investment income and net realized capital
gains are normally declared and paid annually, but the Fund may make
distributions on a more frequent basis to comply with the distribution
requirements of the Internal Revenue Code. The character of income and gains
to be distributed are determined in accordance with income tax regulations,
which may differ from generally accepted
7
<PAGE>
Pilgrim Global Corporate Leaders Fund, Inc.
Notes to Financial Statements
June 30, 2000 (unaudited) and December 31, 1999 (continued)
1.Significant Accounting Policies (continued)
accounting principles. At December 31, 1999, reclassifications were made to
the Fund's capital accounts to reflect permanent book/tax differences and
income and gains available for distribution under income tax regulations. Net
investment income, net realized gains and net assets were not affected by this
change.
Use of Estimates The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increases and decreases in net assets
from operations during the reporting period. Actual results could differ from
those estimates.
2.Investment Advisory Fee and Other Transactions with Affiliate
The Fund paid an investment advisory fee to Lexington Management Corporation
("LMC") at an annual rate of 1.00% of the Fund's average daily net assets. For
2000, the adviser has voluntarily agreed to limit the total expenses of the
Fund (including management fees, but excluding interest, taxes, brokerage
commissions and extraordinary expenses) to an annual rate of 2.50% of the
Fund's average daily net assets. No reimbursement was required for the six
months ended June 30, 2000.
The Fund reimbursed LMC for certain expenses, including accounting and
shareholder servicing costs of $11,732 which were incurred by the Fund, but
paid by LMC.
3.Capital Stock
Transactions in capital stock were as follows:
<TABLE>
<CAPTION>
Six months ended
June 30, 2000 Year ended
(unaudited) December 31, 1999
--------------------- ---------------------
Shares Amount Shares Amount
------ ------ ------ ------
<S> <C> <C> <C> <C>
Shares sold..................... 188,785 $ 2,197,235 284,800 $ 2,893,261
Shares issued on reinvestment of
dividends...................... -- -- 78,562 917,731
-------- ----------- -------- -----------
188,785 2,197,235 363,362 3,810,992
Shares redeemed................. (189,519) (2,205,078) (648,697) (6,684,363)
-------- ----------- -------- -----------
Net decrease.................... (734) $ (7,843) (285,335) $(2,873,371)
======== =========== ======== ===========
</TABLE>
4.Investment Transactions
The cost of purchases and proceeds from sales of securities for the six months
ended June 30, 2000, excluding short-term securities, were $539,129 and
$2,143,885, respectively.
At June 30, 2000, the aggregate gross unrealized appreciation for all
securities in which there is an excess of value over tax cost amounted to
$5,976,591 and aggregate gross unrealized depreciation for all securities in
which there is an excess of tax cost over value amounted to $485,721.
8
<PAGE>
Pilgrim Global Corporate Leaders Fund, Inc.
Notes to Financial Statements
June 30, 2000 (unaudited) and December 31, 1999 (continued)
5.Investment and Concentration Risks
The Fund's investments in foreign securities may involve risks not present in
domestic investments. Since foreign securities may be denominated in a foreign
currency and involve settlement and pay interest or dividends in foreign
currencies, changes in the relationship of these foreign currencies to the
U.S. dollar can significantly affect the value of the investments and earnings
of the Fund. Foreign investments may also subject the Fund to foreign
government exchange restrictions, expropriation, taxation or other political,
social or economic developments, all of which could affect the market and/or
credit risk of the investments.
In addition to the risks described above, risks may arise from forward foreign
currency contracts as a result of the potential inability of counterparties to
meet the terms of their contracts.
6.Subsequent Events
Effective on July 26, 2000, Lexington Global Asset Managers, Inc. was acquired
by ReliaStar Financial Corp. ("ReliaStar"). In conjunction with the
acquisition and following approval by the Fund's Board of Directors and
shareholders, Pilgrim Investments, Inc., an indirect, wholly owned subsidiary
of ReliaStar, was appointed to the role of investment adviser to the Fund
effective July 26, 2000. Pilgrim Securities, Inc., also an indirect, wholly
owned subsidiary of ReliaStar, was appointed distributor to the Fund on that
date as well.
On May 1, 2000, ReliaStar Financial Corp. (NYSE:RLR), the indirect parent
company of Pilgrim Investments, Inc., Adviser to the Funds, and Pilgrim
Securities, Inc., Distributor to the Funds, entered into an agreement under
which it will be acquired by ING Groep N.V. (NYSE:ING). ING Groep N.V. 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.
9
<PAGE>
Pilgrim Global Corporate Leaders Fund, Inc.
Financial Highlights
Selected per share data for a share outstanding throughout the period:
<TABLE>
<CAPTION>
Six months ended Year ended December 31,
June 30, 2000 ----------------------------------
(unaudited) 1999 1998 1997 1996
---------------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of period................ $12.29 $ 9.46 $10.59 $11.28 $11.32
------ ------ ------ ------ ------
Income (loss) from
investment operations:
Net investment income
(loss).................. (0.05) (0.02) 0.99 0.03 0.01
Net realized and
unrealized gain (loss)
on investments and
foreign currencies...... (0.55) 3.67 1.02 0.73 1.84
------- ------ ------ ------ ------
Total income (loss) from
investment operations.... (0.60) 3.65 2.01 0.76 1.85
------- ------ ------ ------ ------
Less distributions:
Dividends from net
investment income....... -- (0.74) (0.80) (0.09) (0.16)
Distributions from net
realized gains.......... -- (0.08) (2.34) (1.36) (1.73)
------ ------- ------- ------- -------
Total distributions....... -- (0.82) (3.14) (1.45) (1.89)
------ ------- ------- ------- -------
Net asset value, end of
period................... $11.69 $12.29 $ 9.46 $10.59 $11.28
====== ====== ====== ====== ======
Total return.............. (9.82)%* 39.06% 19.06% 6.90% 16.43%
Ratio to average net
assets:
Expenses................. 2.18%* 1.96% 2.12% 1.75% 1.90%
Net investment income
(loss).................. (0.87)%* (0.65)% (0.06)% 0.23% 11.00%
Portfolio turnover rate... 6.11%* 12.76% 137.33% 117.48% 128.05%
Net assets, end of period
(000's omitted).......... $18,649 $19,617 $17,803 $35,085 $37,223
</TABLE>
--------
*Annualized.
10
<PAGE>
PILGRIM GLOBAL CORPORATE LEADERS FUND, INC.
Investment Adviser All Shareholder requests for services
Pilgrim Investments, Inc. of any kind should be sent to:
40 North Central Avenue
Suite 1200
Phoenix, Arizona, 85004-4408 Transfer Agent
Lexington Funds
Distributor c/o DST Systems, Inc.
Pilgrim Securities, Inc. P.O. Box 219368
40 North Central Avenue Kansas City, Missouri 64121-6368
Suite 1200
Phoenix, Arizona 85004-4408
Or call toll free Service and Sales:
www.lexingtonfunds.com 1-800-526-0056
This report has been prepared for the information of the Shareholders of Pilgrim
Global Corporate Leaders Fund, Inc. and is authorized for distribution to the
public only if it is accompanied or preceded by a currently effective prospectus
which sets forth expenses and other material information. LEX270-SAR6/00
