Dear Shareholders:
--------------------------------------------------------------------------------
Solid price gains and high current income marked the first six months of
1995 for the Lexington Ramirez Global Income Fund. Our total return for this
period was 10.5%* with a 9.8%* standard yield on June 30th. Moreover, despite
wide price swings in certain sectors of the global bond market-Latin America,
for example-our policy of broad diversification enabled the Fund to record
volatility readings not much higher than that of ten-year U.S. Treasury
securities.
The typical global bond fund overweights certain geographic sectors or
currency exposures in order to generate a high total return. Lexington Ramirez
tries to keep a balance. For example, at the close of the June quarter, 47% of
our assets were U.S. dollar-denominated, while 53% were based in foreign
currencies. Exclusive of U.S. Treasury obligations, no more than 10% of the Fund
was invested in the securities of any one country.
We recognize that the price risk underlying bonds in one country may have an
impact on bonds issued in another country in the same region. Troubles in
Mexico, for example, can depress the value of debt securities in Brazil and
changes in German bond yields will impact returns in France, Denmark, and
certain other European countries. We try to keep our holdings of any one such
group of bonds to less than 25% of the total portfolio.
Interest rates around the globe declined sharply during the first half of
1995. This reflected slowing economic activity in the developed countries and a
subdued level of inflation. U.S. and Japanese central bankers recently pushed
short term interest rates a notch lower and increased liquidity. Still, no sharp
economic rebound is likely. Not only is business borrowing soft, but governments
worldwide are reducing their budget deficits and curtailing debt issuance. This
limits credit demand and will reduce upward pressure on interest rates for the
next few quarters. Accordingly the environment for fixed income investing is
excellent. Our goal is to keep the Lexington Ramirez Global Income Fund fully
invested.
Our asset selection process is driven by fundamental analysis. Before
investing in a country's bonds, we look for certain political/economic factors
to be in place. Such factors include: (1) a national government with sufficient
popular support to institute and maintain economic policies favorable to
investment, (2) a government budget deficit which is stable or declining as a
percentage of gross domestic product, (3) a national current account balance
(the trade balance plus investment cash flows) which is in surplus, and (4)
international debt servicing requirements-interest and principal payments-in
balance with holdings of foreign currencies or gold. We believe this affords the
most prudent course in managing our shareholders' funds.
We appreciate your continued support and welcome the opportunity to discuss
any questions you may have about your investment.
Sincerely,
Maria Fiorini Ramirez Denis P. Jamison Robert M. DeMichele
Portfolio Manager Portfolio Manager President
July, 1995 July, 1995 July, 1995
*9.60%, 6.94% and 6.98% are the one and five year and since commencement
(7/10/86) annual standard total returns, respectively, for the period ended June
30, 1995. Prior to January 1995, the Fund operated under a different name and
investment objective. Investment return and principal value of an investment
will fluctuate so that aninvestor's shares, when redeemed, may be worth more or
less than at their original cost. Total return represents past performance.
1
<PAGE>
Lexington Ramirez Global Income Fund
(Formerly Lexington Tax Exempt Bond Trust)
Statement of Net Assets
(Including the Portfolio of Investments)
June 30, 1995 (unaudited)
Left Col.
Principal Value
Amount Security (Note 1)
-------------------------------------------------------------------------------
LONG-TERM DEBENTURES: 76.2%
Government Obligations: 48. 6%
Argentina: 4.9%
$1,000,000 Republic of Argentina
5.00%, due 03/31/23 ............................ $ 480,000
---------
Australia: 5.3%
700,000 Treasury Corporation of Victoria
10.25%,due 11/15/06 ............................ 517,145
---------
Brazil: 5.8%
1,000,000 Republic of Brazil
7.25%, due 04/15/24 ............................ 572,500
---------
Canada: 5.2%
700,000 Stelco, Inc.
10.40%, due 11/30/09 ........................... 513,205
---------
Ecuador: 3.3%
1,000,000 Republic of Ecuador
3.00%, due 02/28/25 ............................ 320,000
---------
Ireland: 3.3%
200,000 Republic of Ireland
8.00%, due 10/18/00 ............................ 321,302
---------
Italy: 5.6%
1,000,000,000 Buoni Poliennali Del Tes
8.50%, due 01/01/99 ............................ 552,541
---------
Philippines: 3.7%
500,000 Central Bank of Philippines
5.75%, due 12/01/17 ............................ 361,875
---------
Portugal: 6.8%
100,000,000 Obrig Do Tes Medio Prazo
8.875%, due 01/23/97 ........................... 662,423
---------
South Africa: 4.7%
2,000,000 Republic of South Africa
11.50%, due 05/30/00 ........................... 458,908
---------
Total Government Obligations
(cost $4,523,201) .............................. 4,759,899
---------
Corporate Bonds: 27.6%
Brazil: 4.8%
500,000 Aracruz Celulose S.A.
10.375%, due 01/31/02 .......................... 466,250
---------
Czech Republic: 4.0%
10,000,000 Skofin S.R.O.
11.625%, due 02/09/08 .......................... 390,479
---------
Denmark: 5.0%
3,000,000 Nykredit
8.00%, due 10/01/26 ............................ 493,501
---------
Right Col.
Principal Value
Amount Security (Note 1)
-------------------------------------------------------------------------------
Indonesia: 5.2%
$ 500,000 Indah Kiat International Finance
11.875%, due 06/15/02 .......................... $ 507,500
---------
Mexico: 4.4%
500,000 Cemex S.A.
8.875%, due 06/10/98 ........................... 432,813
---------
United States: 4.2%
400,000 Chiquita Brands International, lnc.
11.50%, due 06/01/01 ........................... 410,000
---------
Total Corporate Bonds
(cost $2,676,059) .............................. 2,700,543
---------
TOTAL LONG-TERM DEBENTURES
(cost $7,199,260) .............................. 7,460,442
---------
SHORT-TERM INVESTMENTS: 21.0%
Greece: 4.8%
120,000,000 Hellenic Treasury Note
0%, due 05/31/96 ............................... 467,087
---------
Poland: 4.3%
1,000,000 Government of Poland Treasury Bill
0%, due 07/26/95 ............................... 419,710
---------
Turkey: 2.8%
13,000,000,000 Government of Turkey Treasury Bill
0%, due 08/10/95 ............................... 272,085
---------
United States: 9.1%
600,000 U.S. Treasury Bill
5.34%, due 08/31/95 ............................ 594,572
300,000 U.S. Treasury Bill
5.41%, due 09/14/95 ............................ 296,619
---------
891,191
---------
TOTAL SHORT-TERM INVESTMENTS
(cost $2,054,809) .............................. 2,050,073
---------
Call Options on Currency:
700,000 Written Call Option on Australian
Dollars strike price .7237 AUD
expires 07/05/95 ............................... 0
---------
TOTAL INVESTMENTS: 97.2%
(cost $9,254,069\'86) (Note 1) ................. 9,510,515
Other assets in excess of
liabilities: 2.8% .............................. 276,978
---------
TOTAL NET ASSETS: 100%
(equivalent to $10.42 per share
on 939,287 shares outstanding ................. $9,787,493
==========
(D)Aggregate cost for Federal income tax purposes is identical.
The Notes to Financial Statements are an integral part of this statement.
2
<PAGE>
Lexington Ramirez Global Income Fund
(Formerly Lexington Tax Exempt Bond Trust)
Statement of Assets and Liabilities
June 30, 1995 (unaudited)
<TABLE>
<CAPTION>
<S> <C>
Assets
Investments in securities, at value (cost $9,254,069) (Note 1) ...................... $9,510,515
Receivable for shares sold .......................................................... 129,744
Interest receivable ................................................................. 195,038
----------
Total Assets .................................................................. 9,835,297
----------
Liabilities
Due to custodian bank ............................................................... 373
Due to Lexington Management Corporation (Note 2) .................................... 6,401
Accrued expenses .................................................................... 5,992
Distributions payable ............................................................... 35,038
----------
Total Liabilities ............................................................. 47,804
----------
Net Assets (equivalent to $10.42 per share on 939,287 shares outstanding) (Note 4) .. $9,787,493
==========
Net Assets consist of:
Additional paid-in capital .......................................................... 10,007,620
Undistributed net investment income ................................................. 70,556
Accumulated net realized loss on investments ........................................ (552,943)
Net unrealized appreciation of investments .......................................... 262,260
----------
$9,787,493
==========
</TABLE>
The Notes to Financial Statements are an integral part of this statement.
3
<PAGE>
Lexington Ramirez Global Income Fund
(Formerly Lexington Tax Exempt Bond Trust)
Statement of Operations
Six months ended June 30, 1995 (unaudited)
<TABLE>
<CAPTION>
<S> <C> <C>
Investment Income
Interest income $ 551,196
Expenses
Investment advisory fee (Note 2) ................................ $ 47,059
Accounting and shareholder services expense (Note 2) ............ 10,080
Custodian and transfer agent expenses ........................... 17,490
Directors' fees and expenses .................................... 6,428
Audit and legal ................................................. 9,976
Printing and mailing ............................................ 20,867
Registration fees ............................................... 13,184
Distribution expense (Note 3) ................................... 11,765
Computer processing fees ........................................ 2,442
Other expenses .................................................. 7,666
----------
Total expenses ............................................ 146,957
Less: expenses recovered under contract with
investment adviser (Note 2) .............................. 17,384 129,573
--------- ---------
Net investment income ..................................... 421,623
Realized and Unrealized Gain on Investments (Note 5)
Realized gain from security transactions (excluding short-term
securities):
Proceeds from sales ........................................... 6,007,459
Cost of securities sold ....................................... 5,759,732
----------
Net realized gain ........................................... 247,727
Unrealized appreciation of investments:
End of period ................................................. 262,260
Beginning of period ........................................... 3,400
----------
Change during period ........................................ 258,860
---------
Net realized and unrealized gain on investments ........... 506,587
---------
Increase in Net Assets Resulting from Operations .................. $ 928,210
=========
</TABLE>
The Notes to Financial Statements are an integral part of this statement.
4
<PAGE>
Lexington Ramirez Global Income Fund
(Formerly Lexington Tax Exempt Bond Trust)
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Six months
ended Year ended
June 30, 1995 December 31,
(unaudited) 1994
------------- -------------
<S> <C> <C>
Net investment income .................................................. $ 421,623 $ 579,593
Net realized gain (loss) from security transactions .................... 247,727 (305,265)
Increase (decrease) in unrealized appreciation of investments .......... 258,860 (1,173,108)
---------- -----------
Net increase (decrease) in net assets resulting from operations ........ 928,210 (898,780)
Distributions to shareholders from net investment income ............... (367,614) (563,046)
Decrease in net assets from capital share transactions
(Note 4) ............................................................. (1,123,663) (2,763,453)
---------- -----------
Net decrease in net assets .................................. (563,067) (4,225,279)
Net Assets
Beginning of period .................................................... 10,350,560 14,575,839
---------- -----------
End of period (including undistributed net investment income of $70,556
and $16,547, respectively) (Note 1) .................................. $9,787,493 $10,350,560
========== ===========
</TABLE>
The Notes to Financial Statements are an integral part of these statements.
5
<PAGE>
Lexington Ramirez Global Income Fund
(Formerly Lexington Tax Exempt Bond Trust)
Notes to Financial Statements
June 30, 1995 (unaudited) and December 31, 1994
1. Significant Accounting Policies
Lexington Ramirez Global Income Fund, Inc. (the "Fund") is an open end
diversified management investment company registered under the Investment
Company Act of 1940, as amended. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
Investments Security transactions are accounted for on a trade date basis.
Realized gains and losses from security transactions are reported on the
identified cost basis. Long-term debt obligations held by the Fund are valued at
the mean of representative quoted bid and asked prices for such securities or,
if such prices are not available, at prices for securities of comparable
maturity, quality and type; however, when LMC deems it appropriate, prices
obtained for the day of valuation from a bond pricing service will be used.
Short-term debt investments are amortized to maturity based on their cost,
adjusted for foreign exchange translation and market fluctuations. Equity
securities are valued at the last sale price on the exchange or in the principal
OTC market in which such securities are traded, as of the close of business on
the day the securities are being valued, or, lacking any sales, at the last
available bid price. Securities for which market quotations are not readily
available and other assets are valued at fair value as determined by management
and approved in good faith by the Board of Trustees. 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. Dividends and
distributions to shareholders are recorded on the ex-dividend date. Interest
income 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
settled and are reported in the statement of operations.
Distributions Effective January 1, 1993, the Fund adopted Statement of
Position 93-2: Determination, Disclosure and Financial Statement Presentation of
Income, Capital Gain and Return of Capital Distributions by Investing Companies.
As of December 31, 1994, book and tax basis differences amounting to $14,483
have been reclassified from undistributed net investment income to additional
paid-in-capital.
Federal Income Taxes It is the Fund's intention 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 has been made.
Other Matters The Board of Trustees approved a change in the Fund's name and
objective on November 30, 1994. Effective January 3, 1995 the Fund's name was
changed to Lexington Ramirez Global Income Fund and its objective is to seek
high current income and capital appreciation by investing in foreign and
domestic high-yield lower rated debt securities.
6
<PAGE>
Lexington Ramirez Global Income Fund
(Formerly Lexington Tax Exempt Bond Trust)
Notes to Financial Statements
June 30, 1995 (unaudited) and December 31, 1994 (continued)
2. Investment Advisory Fee and Other Transactions with Affiliate
The Fund pays an investment advisory fee to Lexington Management Corporation
("LMC") at the rate of 1% of average daily net assets. In connection with
providing investment advisory services, LMC has entered into a sub-advisory
contract with MFR Advisor's Inc. ("MFR") under which MFR provides the Fund with
investment management services. Pursuant to the terms of the sub-advisory
contract between LMC and MFR, LMC pays MFR a monthly sub-advisory fee at the
annual rate of .50% of the Fund's average daily net assets. The investment
advisory contract provides that the total annual expenses of the Fund (including
management fees, but excluding interest, taxes, brokerage commissions and
extraordinary expenses) will not exceed the level of expenses which the Fund is
permitted to bear under the most restrictive expense limitation imposed by any
state in which shares of the Fund are offered for sale. The investment advisory
fee and expense reimbursement are set forth in the statement of operations.
The Fund also reimburses LMC for certain expenses, including accounting and
shareholder servicing costs, which are incurred by the Fund, but paid by LMC.
3. Distribution Plan
The Fund has adopted a Distribution Plan (the "Plan") which allows payments to
finance activities associated with the distribution of the Fund's shares. The
Plan provides that the Fund may pay distribution fees on a reimbursement basis,
including payments to Lexington Fund Distributors, Inc. ("LFD"), the Fund's
distributor, in amounts not exceeding .25% per annum of the Fund's average daily
net assets. Total distribution expenses for the six months ended June 30, 1995
were $11,765 and are set forth in the statement of operations.
4. Shares of Beneficial Interest
The Fund is authorized to issue an unlimited number of no par value shares of
beneficial interest. Transactions in capital stock were as follows:
<TABLE>
<CAPTION>
Six months ended
June 30, 1995 Year ended
(unaudited) December 31, 1994
----------------------- -----------------------
Shares Amount Shares Amount
------ ------ ------ ------
<S> <C> <C> <C> <C>
Shares sold ................................... 74,723 $ 766,736 165,124 $ 1,718,766
Shares issued on reinvestment of dividends .... 30,317 307,781 44,829 458,077
------- ----------- -------- -----------
105,040 1,074,517 209,953 2,176,843
Shares redeemed ............................... (221,914) (2,198,180) (484,897) (4,940,296)
------- ----------- -------- -----------
Net decrease .................................. (116,874) $(1,123,663) (274,944) $(2,763,453)
======== =========== ======== ===========
</TABLE>
5. Purchases and Sales of Investment Securities
The cost of purchases and proceeds from sales of securities for the six months
ended June 30, 1995, excluding short term securities, were $12,545,507 and
$6,007,459, respectively.
7
<PAGE>
Lexington Ramirez Global Income Fund
(Formerly Lexington Tax Exempt Bond Trust)
Notes to Financial Statements
June 30, 1995 (unaudited) and December 31, 1994 (continued)
At June 30, 1995, aggregate gross unrealized appreciation for all securities and
foreign currency holdings (including foreign currency receivables and payables)
in which there is an excess of value over tax cost amounted to $319,693 and
aggregate gross unrealized depreciation for all securities and foreign currency
holdings in which there is an excess of tax cost over value amounted to $57,433.
6. Investment 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 the result of the potential inability of counterparties to
meet the terms of their contracts.
8
<PAGE>
<TABLE>
<CAPTION>
Lexington Ramirez Global Income Fund
(Formerly Lexington Tax Exempt Bond Trust)
Financial Highlights
Selected per share data for a share outstanding throughout the period:
Six months
ended
June 30, Year ended December 31,
1995 ------------------------------------
(unaudited) 1994 1993 1992 1991
----------- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ........... $ 9.80 $10.95 $10.39 $10.35 $10.05
Income (loss) from investment operations:
Net investment income ........................ .46 .46 .53 .61 .67
Net realized and unrealized gain (loss) on
investments ................................. .56 (1.16) .58 .04 .30
------ ------ ------ ------ ------
Total income (loss) from investment operations . 1.02 (.70) 1.11 .65 .97
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income ......... (.40) (.45) (.55) (.61) (.67)
------ ------ ------ ------ ------
Net asset value, end of period ................. $10.42 $ 9.80 $10.95 $10.39 $10.35
====== ====== ====== ====== ======
Total return ................................... 22.30%* (6.52%) 10.90% 6.51% 10.03%
Ratio to average net assets:
Expenses, before reimbursement or waiver ..... 3.12%* 1.80% 1.44% 1.54% 1.65%
Expenses, net of reimbursement or waiver ..... 2.75%* 1.50% 1.44% 1.50% 1.12%
Net investment income, before reimbursement
or waiver ................................... 8.59%* 4.18% 4.83% 5.88% 6.11%
Net investment income ........................ 8.96%* 4.48% 4.83% 5.92% 6.64%
Portfolio turnover ........................... 183.69%* 10.20% 31.06% 31.24% 29.45%
Net assets, end of period (000's omitted) ...... $9,787 $10,351 $14,576 $13,085 $12,252
<FN>
-----------
*Annualized
</FN>
</TABLE>
9
<PAGE>
(Right Column)
The Lexington Group of
No Load Investment Companies
Investment objectives range from growth and income to high yield and liquidity
in money market instruments. Selection depends on the investor's current
financial objectives and the degree of risk one is willing to assume.
Lexington Worldwide Emerging Markets Fund, Inc.-Seeks long-term growth of
capital primarily through investment in equity securities of companies domiciled
in, or doing business in, emerging countries and emerging markets.
Lexington Global Fund, Inc.-Seeks long-term growth of capital primarily through
investment in common stocks of companies domiciled in foreign countries and the
United States.
Lexington International Fund, Inc.-Seeks long-term growth of capital through
investment in companies domiciled in foreign countries.
Lexington Crosby Small Cap Asia Growth Fund, Inc.-Seeks long-term capital
appreciation through investment in companies domiciled in the Asia Region with a
market capitalization of less than $1 billion.
Lexington Goldfund, Inc.-Seeks capital appreciation through investment in gold
bullion and shares of gold mining companies. Lexington Growth and Income Fund,
Inc.-Seeks capital appreciation over the long-term through investments in the
stocks of large, ably managed and well financed companies.
Lexington Corporate Leaders Trust Fund-Seeks capital growth and reasonable
income through investment in an equal number of shares of an established list of
American blue chip corporations.
Lexington Convertible Securities Fund-Seeks total return by providing capital
appreciation, current income and conservation of capital through investments in
a diversified portfolio of securities convertible into shares of common stock.
Lexington GNMA Income Fund, Inc.-Seeks to achieve a high level of current
income, consistent with liquidity and safety of principal, through investment
primarily in mortgage-backed GNMA (``Ginnie Mae") certificates that are
guaranteed as to the timely payment of principal and interest by the United
States Government.
Lexington Short-Intermediate Government Securities Fund, Inc.-Seeks current
income as is consistent with the preservation of capital by investing in a
portfolio of U.S. Government Securities with a dollar-weighted average maturity
in its portfolio in a range of two to five years.
Lexington Money Market Trust-Seeks a high level of current income consistent
with preservation of capital and liquidity through investments in interest
bearing short-term money market instruments.
Lexington Tax Free Money Fund, Inc.-Seeks current income exempt from Federal
income taxes while maintaining stability of principal, liquidity and
preservation of capital.
For more complete information about any of the Lexington Funds and a prospectus
which includes management fee and expenses call the distributor toll-free at
1-800-526-0056. Read the prospectus carefully before you invest or send money.
10
(Right Column)
LEXINGTON
INVESTOR SERVICES
--------------------------------------------------------------------------------
As a Lexington shareholder, you should be aware of the many services available
to you.
------------
No Load-The Lexington Funds are no load funds. That is, investments and
redemptions are made without any sales charges, commissions or redemption fees.
------------
Free Telephone Exchange-Investments in the Lexington Funds may be exchanged for
shares of a different Lexington Fund at any time.
------------
Check Writing Privileges-Lexington Money Market Trust, Lexington Tax Free Money
Fund and Lexington Short-Intermediate Government Securities Fund permit
investors immediate access to their funds with check writing for withdrawals
from their account.
------------
Tax Sheltered Plans-IRA, Keogh, Pension, and Profit Sharing Prototype Plans are
available to qualified individuals. These plans offer investment flexibility
through the Share Exchange Service, simplified record keeping, convenience and
investment supervision.
------------
Custodial Accounts for Minors-Investments may be made on behalf of minors under
the Uniform Gifts to Minors Act currently in effect in all states.
------------
Systematic Withdrawal Plan-An investor may elect to receive a fixed amount from
his or her account each month or quarter, subject to certain minimums.
------------
Complete Record Keeping-A statement is provided for every transaction in
addition to a year-end statement with tax information.
<PAGE>
Left Col.
Lexington
Ramirez Global Income Fund
Investment Adviser
--------------------------------------------------
LEXINGTON MANAGEMENT CORPORATION
P.O. Box 1515
Park 80 West Plaza Two
Saddle Brook, New Jersey 07663
Sub-Adviser
--------------------------------------------------
MFR Advisors, Inc.
One World Financial Center
200 Liberty Street
New York, New York 10281
Distributor
--------------------------------------------------
LEXINGTON FUNDS DISTRIBUTOR, INC.
P.O. Box 1515
Park 80 West Plaza Two
Saddle Brook, New Jersey 07663
All shareholder requests for services of
any kind should be sent to:
Transfer Agent
----------------------------------------
STATE STREET BANK AND TRUST
COMPANY
c/o National Financial Data Services
1004 Baltimore
Kansas City, Missouri 64105
Or call toll free:
Service and Sales: 1-800-526-0056
24 Hour Account Information:
1-800-526-0052
--------------------------------------------------------------------------------
(800) 526-0052
"LEXLINE"
24 hour toll-free telephone access to your
Lexington Fund account
Price/Yield * Account Balances * Exchanges *
Last Transactions * Total Return * Duplicate Statements
--------------------------------------------------------------------------------
This report has been prepared for the information of the shareholders of
Lexington Ramirez Global Income Fund 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.
Right Col.
LEXINGTON
LEXINGTON
RAMIREZ
GLOBAL
INCOME
FUND
--------------------------------------------------------------------------------
(filled box)Monthly dividends
(filled box)Capital appreciation
potential
(filled box)Free telephone
exchange privilege
(filled box)No sales charge
--------------------------------------------------------------------------------
SEMI-ANNUAL REPORT
JUNE 30, 1995
The Lexington Group
of No Load
Investment Companies
