Dear Shareholders:
- -------------------------------------------------------------------------------
The first half of 1996 was difficult for U.S. fixed income investors. In the
U.S., an economy growing too fast brought back inflation fears. This caused the
yield of the 30-year U.S. Treasury Bond to rise from 5.95% at the end of 1995 to
6.90% by June 30th. The spillover from the backup in U.S. interest rates also
affected core European bond yields which either rose or were unchanged despite
positive fundamentals.
Fortunately, the Lexington Ramirez Global Income Fund was well-diversified
and this allowed the Fund to participate in those bond markets which did perform
well in the first half of 1996. In particular, the high yielding peripheral
European bond markets (Italy, Spain, Portugal and Greece) enjoyed solid gains.
There, stable political conditions, declining inflation, and seemingly prudent
fiscal policies pushed bond yields lower. "Brady" bonds also did well. These
securities, named for former U.S. Treasury Secretary Nicholas Brady, are
repackaged defaulted loans of numerous lesser developed countries (LDC). In many
cases, the maturity value of these bonds are collateralized by U.S. Treasury
Bonds but interest payments are the responsibility of the various countries.
Among those emerging economies with Brady debt outstanding, the Philippines
continued its strong economic performance and free market reforms, Costa Rica
exhibited fiscal discipline by raising taxes while cutting public spending, and
Brazil indicated that it would follow Mexico's lead and refund some of its debt
outstanding.
The Lexington Ramirez Global Income Fund also benefited from non-dollar
denominated money market investments in Hungary, Turkey, and Mexico. Here, high
yields more than compensated investors for the currency risk. The Fund's
investment approach which stresses diversity produced a 3.8%* return for the
first six months of 1996. This compares favorably with the world income fund
average gain of 1.3% according to Lipper Analytical Services, Inc.
Looking ahead, we see a weak U.S. bond market constraining the performance
of most of the world's major developed markets. Much like the first six months
of 1996, we see the best returns coming from lesser followed markets.
Politicians around the world have caught the "fiscally responsible fever" and
this augurs well for LDC debt. Accordingly, these high yielding securities will
remain a significant part of our portfolio.
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, 1996 July, 1996 July, 1996
*21.81%, 7.97%, and 7.55% are the one and five year and since commencement
(7/10/86) average annual standard total returns, respectively, for the period
ended June 30, 1996. Prior to January 1995, the Fund operated under a different
name and investment objecitve. Investment return and principal value of an
investment will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than at their original cost. Total return represents past
performance.
1
<PAGE>
(LEFT COLUMN)
Lexington Ramirez Global Income Fund
Statement of Net Assets
(Including the Portfolio of Investments)
June 30, 1996 (unaudited)
Principal Value
Amount* Security (Note 1)
- -------------------------------------------------------------------------------
LONG-TERM DEBENTURES: 60.4%
Government Obligations: 43.0%
Australia: 8.6%
930,000 Commonwealth of Australia
9.00%, due 9/15/04 ........................... $ 738,879
940,000 New South Wales Treasury
Corporation
6.50%, due 5/01/06 ........................... 615,781
-----------
1,354,660
-----------
Canada: 3.5%
700,000 Stelco, Inc.
10.40%, due 11/30/09 ......................... 555,411
-----------
Costa Rica: 4.1%
900,000 Banco Costa Rica
6.25%, due 5/21/10 ........................... 641,250
-----------
Dominican Republic: 4.7%
1,200,000 Central Bank of Dominican Republic
6.5625%, due 8/30/24 ......................... 735,000
-----------
Jordan: 2.5%
750,000 Kingdom Of Jordan
4.00%, due 12/23/23 .......................... 393,750
-----------
Portugal: 7.4%
50,000,000 Obrig Do Tes Medio Prazo
11.875%, due 2/23/05 ......................... 378,225
110,000,000 Obrig Do Tes Medio Prazo
11.875%, due 2/23/00 ......................... 785,149
-----------
1,163,374
-----------
South Africa: 3.8%
1,100,000 Electricity Supply Commission
11.00%, due 6/01/08 .......................... 198,850
2,000,000 Republic of South Africa
12.00%, due 2/28/05 .......................... 398,141
-----------
596,991
-----------
Spain: 4.3%
80,000,000 Bonos Y Oblig Del Estado
10.15%, due 1/31/06 .......................... 672,942
-----------
Uruguay: 4.1%
750,000 Banco Central Del Uruguay
6.4375%, due 2/18/07 ......................... 652,500
-----------
Total Government Obligations
(cost $6,654,937) ............................ 6,765,878
-----------
Corporate Bonds: 17.4%
Canada: 2.3%
500,000 Roger's Communications
10.50%, due 2/14/06 .......................... 359,500
-----------
Czech Republic: 2.9%
12,500,000 CEZ, A.S.
11.30%, due 6/06/05 .......................... 460,560
-----------
Denmark: 4.8%
2,979,000 Nykredit
8.00%, due 10/01/26 .......................... 481,188
1,500,000 Realkredit Danmark
10.00%, due 10/01/26 ......................... 272,321
-----------
753,509
-----------
Thailand: 4.7%
17,500,000 Italian-Thai Development Company
12.50%, due 10/11/05 ......................... 741,918
-----------
Right Column
Principal Value
Amount* Security (Note 1)
- -------------------------------------------------------------------------------
United States: 2.7%
400,000 Chiquita Brands International, Inc.
11.50%, due 6/01/01 .......................... $ 425,000
-----------
Total Corporate Bonds
(Cost $2,746,438) ............................ 2,740,487
-----------
TOTAL LONG-TERM DEBENTURES
(Cost $9,401,375) ............................ 9,506,365
-----------
SHORT-TERM INVESTMENTS: 41.8%
Greece: 7.4%
30,000,000 Hellenic Treasury Bills
0%, due 12/18/96 ............................. 117,380
175,000,000 Hellenic Treasury Bills
0%, due 1/31/97 .............................. 675,689
100,000,000 Hellenic Treasury Bills
0%, due 5/31/97 .............................. 370,800
-----------
1,163,869
-----------
Hungary: 3.0%
80,000,000 Government of Hungary Treasury
Bills
0%, due 12/20/96 ............................. 473,389
-----------
Italy: 4.1%
1,000,000,000 Chase Manhattan Bank Time Deposit
9.00%, due 7/08/96 ........................... 651,890
-----------
Mexico: 2.9%
3,500,000 Cetes
0%, due 7/08/96 .............................. 455,609
-----------
New Zealand: 3.0%
700,000 New Zealand Government Treasury
Bills
0%, due 9/11/96 .............................. 470,900
-----------
Poland: 5.6%
2,560,000 Government of Poland Treasury
Bills
0%, due 11/13/96 ............................. 874,212
-----------
Turkey: 2.0%
26,540,000,000 Government of Turkey Treasury
Bills
0%, due 7/16/96 .............................. 313,654
-----------
United States: 13.8%
900,000 U.S. Treasury Bills
5.00%, due 9/12/96 ........................... 890,875
1,000,000 U.S. Treasury Bills
5.01%, due 9/12/96 ........................... 989,841
300,000 U.S. Treasury Bills
5.07%, due 9/12/96 ........................... 296,916
-----------
2,177,632
-----------
Total Short-Term Investments
(cost $6,726,268) ............................ 6,581,155
-----------
Total Investments: 102.2%
(cost $16,127,643\'86) (Note 1) .............. 16,087,520
Liabilities in excess of
other assets: (2.2%) ......................... (348,128)
-----------
Total Net Assets 100%:
(equivalent to $10.70 per share
on 1,471,276 shares outstanding) ............. $15,739,392
===========
*Principal amount represents local currency.
+Aggregate cost for Federal income tax purposes is identical.
The Notes to Financial Statements are an integral part of this statement.
2
<PAGE>
<TABLE>
Lexington Ramirez Global Income Fund
Statement of Assets and Liabilities
June 30, 1996 (unaudited)
<S> <C>
Assets
Investments, at value (cost $16,127,643) (Note 1) ....................................... $16,087,520
Cash .................................................................................... 14,099
Receivable for shares sold .............................................................. 201,243
Dividends and interest receivable ....................................................... 209,957
Unrealized gain on open forward contracts (Note 7) ...................................... 35,183
-----------
Total Assets .................................................................... 16,548,002
-----------
Liabilities
Due to Lexington Management Corporation (Note 2) ........................................ 3,574
Payable for investment securities purchased ............................................. 655,738
Payable for shares redeemed ............................................................. 29,471
Distributions payable ................................................................... 76,977
Accrued expenses ........................................................................ 42,850
-----------
Total Liabilities ............................................................... 808,610
-----------
Net Assets (equivalent to $10.70 per share on 1,471,276 shares outstanding) (Note 4) .... $15,739,392
===========
Net Assets consist of:
Additional paid-in capital (Note 1) ..................................................... 15,621,188
Undistributed net investment income ..................................................... 177,991
Accumulated net realized loss on investments and foreign currency holdings (Note 1) ..... (53,382)
Unrealized depreciation of investments and foreign currency holdings .................... (6,405)
-----------
Total Net Assets ................................................................ $15,739,392
===========
</TABLE>
The Notes to Financial Statements are an integral part of this statement.
3
<PAGE>
<TABLE>
Lexington Ramirez Global Income Fund
Statement of Operations
Six months ended June 30, 1996 (unaudited)
<S> <C> <C>
Investment Income
Interest ....................................................... $ 922,398
Less: foreign tax expense ...................................... 11,064
---------
Total investment income .................................... $ 911,334
Expenses
Investment advisory fee (Note 2) ............................... 70,132
Printing and mailing ........................................... 27,000
Distribution expense (Note 3) .................................. 17,533
Registration fees .............................................. 15,374
Professional fees .............................................. 12,922
Transfer agent and shareholder services expense (Note 2) ....... 10,334
Custodian fees ................................................. 10,254
Directors' fees ................................................ 6,368
Accounting expenses (Note 2) ................................... 6,134
Computer processing fees ....................................... 4,398
Other expenses ................................................. 4,874
---------
Total expenses ............................................. 185,323
Less: expenses recovered under contract with
investment adviser (Note 2) .............................. 80,135 105,188
---------
Net investment income ...................................... 806,146
Net Realized and Unrealized Gain (Loss) on Investments (Note 5)
Net realized gain (loss) on:
Investments .................................................. 398,582
Foreign currency transactions ................................ (163,328)
---------
Net realized gain 235,254
Net change in unrealized depreciation on:
Investments .................................................. (538,845)
Foreign currency translation of other assets and liabilities . 36,649
---------
Net change in unrealized depreciation ...................... (502,196)
---------
Net realized and unrealized loss ......................... (266,942)
---------
Increase in Net Assets Resulting from Operations ................... $ 539,204
=========
</TABLE>
The Notes to Financial Statements are an integral part of this statement.
4
<PAGE>
<TABLE>
<CAPTION>
Lexington Ramirez Global Income Fund
Statements of Changes in Net Assets
Six months Year
ended ended
June 30, 1996 December 31,
(unaudited) 1995
----------- -----------
<S> <C> <C>
Net investment income ................................................... $ 806,146 $ 959,352
Net realized gain from investment transactions and
foreign currency holdings ............................................. 235,254 331,370
Change in unrealized appreciation (depreciation) of investments .. (502,196) 492,391
----------- -----------
Increase in net assets resulting from operations ........................ 539,204 1,783,113
Distributions to shareholders from net investment income ......... (644,341) (901,633)
Increase in net assets from capital share transactions
(Note 4) .............................................................. 3,589,797 1,022,692
----------- -----------
Net increase in net assets .............................................. 3,484,660 1,904,172
Net Assets
Beginning of period ..................................................... 12,254,732 10,350,560
----------- -----------
End of period ........................................................... $15,739,392 $12,254,732
=========== ===========
</TABLE>
The Notes to Financial Statements are an integral part of these statements.
5
<PAGE>
Lexington Ramirez Global Income Fund
Notes to Financial Statements
June 30, 1996 (unaudited) and December 31, 1995
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 Fund's investment objective is to seek high
current income. Capital appreciation is a secondary objective. 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 investment 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, 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 Directors. 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, adjusted for amortization of premiums and accretion of discounts 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 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 closed and
are reported in the statement of operations.
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.
Distributions The character of income and gains to be distributed are
determined in accordance with income tax regulations which may differ from
generally accepted accounting principles. At December 31, 1995 reclassifications
were made to the Fund's capital accounts to reflect permanent book/tax
differences and income and gains available for distributions under income tax
regulations. Net investment income, net realized gains and net assets were not
affected by this change.
6
<PAGE>
Lexington Ramirez Global Income Fund
Notes to Financial Statements
June 30, 1996 (unaudited) and December 31, 1995 (continued)
2. Investment Advisory Fee and Other Transactions with Affiliate
The Fund pays an investment advisory fee to Lexington Management Corporation
("LMC") at an annual rate of 1.00% of the Fund's average daily net assets. In
connection with providing investment advisory services, LMC has entered into a
sub-advisory contract with MFR Advisors 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. LMC has
agreed to voluntarily limit the total expenses of the Fund (excluding interest,
taxes, brokerage and extraordinary expenses but including management fee and
operating expenses) to an annual rate of 1.50% of the Fund's average net assets
through April 30, 1997 or such later date as may be determined by LMC. The
investment advisory fee and expense reimbursement are set forth in the statement
of operations.
The Fund also reimbursed LMC for certain expenses, including accounting and
shareholder servicing costs of $10,872, 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 Funds Distributor, Inc. ("LFD"), the Fund's
distributor, in amounts not exceeding 0.25% per annum of the Fund's average
daily net assets. Total distribution expenses for the six months ended June 30,
1996 were $17,533 and are set forth in the statement of operations.
4. Capital Stock
<TABLE>
<CAPTION>
Transactions in capital stock were as follows:
Six months ended Year ended
June 30, 1996 December 31, 1996
---------------------- ----------------------
Shares Amount Shares Amount
------ ------ ------ ------
<S> <C> <C> <C> <C>
Shares sold ................................... 506,717 $ 5,482,542 356,354 $3,788,187
Shares issued on reinvestment of dividends .... 48,984 521,438 72,344 755,680
------- ----------- ------- ----------
555,701 6,003,980 428,698 4,543,867
Shares redeemed ............................... (223,958) (2,414,183) (345,326) (3,521,175)
------- ----------- ------- ----------
Net increase .................................. 331,743 $3,589,797 83,372 $1,022,692
======= =========== ======= ==========
</TABLE>
7
<PAGE>
Lexington Ramirez Global Income Fund
Notes to Financial Statements
June 30, 1996 (unaudited) and December 31, 1995 (continued)
5. Purchases and Sales of Investment Securities
The cost of purchases and proceeds from sales of securities for the six months
ended June 30, 1996, excluding short-term securities, were $6,012,327 and
$6,141,717, respectively.
At June 30, 1996, the aggregate gross unrealized appreciation for all securities
in which there is an excess of value over tax cost amounted to $354,543 and
aggregate gross unrealized depreciation for all securities in which there is an
excess of tax cost over value amounted to $360,948.
6. Investment and Concentration 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.
7. Forward Foreign Exchange Contracts
At June 30, 1996, the Fund was committed to sell foreign currencies under the
following forward foreign exchange contracts:
(Unrealized
Settlement Contract Contract Current Gain (loss) at
Security Date Amount Rate Rate 6/30/96
-------- ---------- --------- -------- ------- -------
Canadian Dollar .. 8/26/96 $ 883,000 1.3590 1.3621 $ 2,010
Deutsch Mark ..... 7/17/96 1,898,355 1.5013 1.5232 27,243
Danish Krone ..... 7/17/96 741,379 5.8000 5.8668 8,441
E.C.U. ........... 7/17/96 1,154,688 1.2416 1.2443 (2,511)
-------
$35,183
-------
8
<PAGE>
<TABLE>
<CAPTION>
Lexington Ramirez Global Income Fund
Financial Highlights
Selected per share data for a share outstanding throughout the period:
Six months
ended Year ended December 31,
June 30, 1996 --------------------------------------
(unaudited) 1995 1994 1993 1992
---------- ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ............... $10.75 $ 9.80 $10.95 $10.39 $10.35
------ ------ ------ ------ ------
Income (loss) from investment operations:
Net investment income ............................ .56 .96 .46 .53 .61
Net realized and unrealized gain (loss) on
investments and foreign currencies ............. (0.16) .95 (1.16) .58 .04
------ ------ ------ ------ ------
Total income (loss) from investment operations ..... 0.40 1.91 (.70) 1.11 .65
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income ............. (.45) (.96) (.45) (.55) (.61)
------ ------ ------ ------ ------
Net asset value, end of period ..................... $10.70 $10.75 $ 9.80 $10.95 $10.39
====== ====== ====== ====== ======
Total return ....................................... 7.85%* 20.10% (6.52%) 10.90% 6.51%
Ratios to average net assets:
Expenses, before reimbursement or waivers ...... 2.64%* 3.07% 1.80% 1.44% 1.54%
Expenses, net of reimbursement or waivers ...... 1.50%* 2.75% 1.50% 1.44% 1.50%
Net investment income, before reimbursement
or waivers ................................... 10.35%* 9.48% 4.18% 4.83% 5.88%
Net investment income .......................... 11.49%* 9.80% 4.48% 4.83% 5.92%
Portfolio turnover rate ........................ 112.78%* 164.72% 10.20% 31.06% 31.24%
Net assets, end of period (000's omitted) .......... $15,739 $12,255 $10,351 $14,576 $13,085
<FN>
*Annualized
</FN>
</TABLE>
9
<PAGE>
Right Column
The Lexington Group of
No Load Investment Companies
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 Troika Dialog Russia Fund, Inc.-Seeks long term capital appreciation
through investment primarily in equity securities of Russian companies.
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 Ramirez Global Income Fund-Seeks high current income. Capital
appreciation is a secondary objective. The Fund invests in a combination of
foreign and domestic high-yield, lower rated debt securities.
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 SmallCap Value Fund, Inc.-Seeks long-term capital appreciation through
investment in common stocks of companies domiciled in the United States with a
market capitalization of less than $1 billion.
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 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.
Left 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 and Lexington Tax Free
Money 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.
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
<PAGE>
Left Column
Lexington
Ramirez Global Income Fund, Inc.
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 Column
--------------------------------------------------------
LEXINGTON
LEXINGTON
RAMIREZ
GLOBAL
INCOME
FUND
(filled box)
(filled box)Quarterly dividends
(filled box)Capital appreciation potential
(filled box)Free telephone exchange
privilege
(filled box)No sales charge
(filled box)
SEMI-ANNUAL REPORT
JUNE 30, 1996
The Lexington Group
of No Load
Investment Companies
-------------------------------------------------------
