SEC FILE NO. 33-73520
LEXINGTON EMERGING MARKETS FUND
Supplement dated October 2, 2000
to the Prospectus dated May 1, 2000
ADDITION OF PORTFOLIO MANAGERS
On page 4 of the Prospectus under the section "PORTFOLIO MANAGERS," the
disclosure is hereby amended to reflect that Jan Wim Derks, Eric Anderson and
Bratin Sanyal will share the responsibility for the day-to-day management of the
Lexington Emerging Markets Fund (the "Fund") with Richard T. Saler and Phillip
A. Schwartz. The following disclosure is hereby added:
Jan Wim Derks, Vice President of Pilgrim Investments, Inc. ("Pilgrim"), has
served as a member of the portfolio management team that manages the Fund since
October 2000. Mr. Derks also serves as member of the portfolio management team
that manages the Pilgrim Emerging Countries Fund and the Pilgrim Worldwide
Emerging Markets Fund. In addition to his role with Pilgrim, Mr. Derks also
serves as Director of Global Emerging Markets Equities at ING Investment
Management - Europe. Prior to joining ING Investment Management - Europe, Mr.
Derks managed a Latin American equity fund with ABN AMRO.
Eric Anderson, Vice President of Pilgrim, has served as a member of the
portfolio management team that manages the Fund since October 2000. Mr. Anderson
also serves as a member of the portfolio management team that manages the
Pilgrim Emerging Countries Fund and the Pilgrim Worldwide Emerging Markets Fund.
In addition to his role with Pilgrim, Mr. Anderson also serves as Senior
Portfolio Manager - Global Emerging Markets Equities at ING Investment
Management - Americas. Prior to joining ING Investment Management - Americas,
Mr. Anderson managed a Latin America equity portfolio and participated in the
management of an emerging market debt portfolio at Offitbank in New York.
Bratin Sanyal, Vice President of Pilgrim, has served as a member of the
portfolio management team that manages the Fund since October 2000. Mr. Sanyal
also serves as a member of the portfolio management team that manages the
Pilgrim Emerging Countries Fund and the Pilgrim Worldwide Emerging Markets Fund.
In addition to his role with Pilgrim, Mr. Sanyal serves as the Senior Portfolio
Manager - Global Emerging Markets Equities at ING Investment Management -
Europe. Mr. Sanyal has held several positions with ING Investment Management -
Europe, most recently as an Asian equity fund manager. Prior to joining ING
Investment Management - Europe, he was an economist at the World Bank where he
structured debt workouts for the Highly Indebted Countries.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
