Securities Act File No. 33-73520
LEXINGTON EMERGING MARKETS FUND
Supplement dated September 1, 2000
to the Prospectus dated May 1, 2000
ACQUISITION OF RELIASTAR FINANCIAL CORP. BY ING GROEP N.V.
On September 1, 2000, ING Groep N.V. (NYSE: ING) acquired ReliaStar Financial
Corp. (NYSE: RLR), the indirect parent company of Pilgrim Investments, Inc.
("Pilgrim Investments"), Adviser to the Lexington Emerging Markets Fund, Inc.
(the "Fund"), and Pilgrim Securities, Inc. ("Pilgrim Securities"), Distributor
to the Fund. ING Group is a global financial institution active in the field of
insurance, banking, and asset management in more than 65 countries, with almost
100,000 employees.
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.
Under the provisions of the advisory contract between the Fund and Pilgrim
Investments, the agreement might be deemed to terminate automatically at the
time of the acquisition. As a result, the Board of Directors and shareholders of
the Fund approved a new advisory contract between the Fund and Pilgrim
Investments, which took effect immediately after the acquisition.
Please be advised of the new address of the Fund, effective immediately:
ING Pilgrim Funds
7337 E. Doubletree Ranch Road
Scottsdale, Arizona 85258
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
