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SIGNATURE KENNETH D. TRUMPFHELLER
TITLE PRESIDENT
Board of Trustees
Ariston Convertible Securities Fund:
In planning and performing our audit of the financial statements of Ariston
Convertible Securities Fund for the year ended December 31, 1999, we considered
its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of Ariston Convertible Securities Fund is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and transactions
are executed in accordance with management's authorization and recorded properly
to permit preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
McCurdy & Associates CPA's, Inc.
Westlake, Ohio
January 20, 2000
INDEPENDENT AUDITORS' CONSENT
To the Board of Trustees and Shareholders of
Ariston Convertible Securities Fund:
We consent to the incorporation by reference, in this Prospectus and statement
of additional information, of our report dated February 19, 1999, on the
statements of net assets (including the portfolio of investments) and assets and
liabilities for the Lexington Convertible Securities Fund (the predecessor to
the Ariston Convertible Securities Fund) as of December 31, 1998 and the related
statement of operations for the year then ended, the statements of changes in
net assets for each of the years in the two-year period then ended and the
financial highlights for each of the years in the five-year period then ended.
Theses financial statements and financial highlights and our report thereon are
included in the Annual Report to the shareholders of the Lexington Convertible
Securities Fund.
We also consent to the references to our firm under the heading "Financial
Highlights" in the Prospectus.
KPMG LLP
New York, New York
January 28, 2000
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