Securities Act File No. 33-73520
LEXINGTON EMERGING MARKETS FUND, INC.
Supplement dated July 26, 2000
to the Prospectus dated May 1, 2000
On the front cover page of the Prospectus, the address and telephone number
of the Lexington Emerging Markets Fund, Inc. (the "Fund") are hereby deleted and
replaced with: 40 North Central Avenue, Suite 1200, Phoenix, Arizona 85004,
Telephone: 1-800-992-0180.
On page 4 of the Prospectus under the section "MANAGEMENT OF THE FUND," the
disclosure is hereby deleted and replaced with the following:
INVESTMENT ADVISER
Pilgrim Investments, Inc. ("Pilgrim" or "Pilgrim Investments") serves as
the investment adviser to the Fund. Pilgrim has overall responsibility for
the management of the Fund. Pilgrim provides or oversees all investment
advisory and portfolio management services for the Fund, and assists in
managing and supervising all aspects of the general day-to-day business
activities and operations of the Fund, including custodial, transfer
agency, dividend disbursing, accounting, auditing, compliance and related
services.
Organized in December 1994, Pilgrim is registered as an investment adviser.
Pilgrim is an indirect wholly-owned subsidiary of ReliaStar Financial Corp.
("ReliaStar") (NYSE: RLR). Through its subsidiaries, ReliaStar offers
individuals and institutions life insurance and annuities, employee
benefits, products and services, life and health reinsurance, retirement
plans, mutual funds, bank products, and personal finance education.
Prior to July 26, 2000, Lexington Management Corporation ("Lexington")
served as investment adviser to the Fund. On July 26, 2000, ReliaStar
acquired Lexington Global Asset Managers, Inc., the parent company of
Lexington, and Pilgrim Investments was approved as adviser to the funds
formerly advised by Lexington.
As of June 30, 2000, Pilgrim managed over $16.8 billion in assets.
Pilgrim's principal address is 40 North Central Avenue, Suite 1200,
Phoenix, Arizona 85004.
Pilgrim is paid an investment advisory fee at an annual rate of 1.00% of
the average daily net assets of the Fund. This fee is computed on the basis
of the Fund's average daily net assets and is payable on the last business
day of each month.
PORTFOLIO MANAGERS
Richard T. Saler has served as a member of the portfolio management team
that manages the Fund since June 2000.
Mr. Saler has over 13 years of experience in international investments. He
is Senior Vice President of Pilgrim Investments and held a similar position
with Lexington prior to that firm's recent acquisition by the parent
company of Pilgrim Investments. Mr. Saler is a member of an investment
management team that manages both the Pilgrim Global Corporate Leaders Fund
and the Pilgrim International Fund (formerly the Lexington Global Corporate
Leaders Fund and the Lexington International Fund, respectively), and he is
the lead manager for the latter fund. Mr. Saler has focused on
international markets since joining Lexington in 1986.
Phillip A. Schwartz has served as a member of the portfolio management team
that manages the Fund since June 2000.
Mr. Schwartz has over 12 years experience in international investments. He
is a Vice President at Pilgrim Investments, and held the same position with
Lexington prior to that firm's recent acquisition. He is also a Chartered
Financial Analyst and a member of the New York Society of Security
Analysts. Mr. Schwartz is a member of an investment management team that
manages both the Pilgrim Global Corporate Leaders Fund and Pilgrim
International Fund. Prior to joining Lexington in 1993, he was Vice
President of European Research Sales with Cheuvreux De Virieu in Paris and
New York, serving the institutional market. Prior to Cheuvreux, Mr.
Schwartz was affiliated with Olde and Co. and Kidder, Peabody as a
stockbroker.
On page 6, the last sentence under the section "SHAREHOLDER SERVICING
AGREEMENTS" is hereby deleted and replaced with the following:
Pilgrim, at no additional cost to the Fund, may pay to Shareholder
Servicing Agents additional amounts from its past profits. A Shareholder
Servicing Agent may, from time to time, choose not to receive all of the
fees payable to it.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
