LEXINGTON RAMIREZ GLOBAL INCOME FUND, 497, 1999-01-05

LEXINGTON RAMIREZ GLOBAL INCOME FUND
497, 1999-01-05

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                                                              January 5, 1999
                                                            
                              
                    LEXINGTON RAMIREZ GLOBAL INCOME FUND
                              
                               SUPPLEMENT TO
            PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION
                             DATED MAY 1, 1998
                              
[Sections of the Prospectus and Statement of Additional Information entitled 
"Management Fees and Other Expenses" and "Investment Adviser, Distributor and 
Administrator", respectively, relating to expense limitation have been amended 
as follows]: 

Effective January 1, 1999, Lexington Management Corporation has agreed to 
reduce its management fee if necessary to keep total annual operating expenses 
at or below two and one-half percent (2.50%) of the Fund's average daily net 
assets (exclusive of 12b-1 distribution fees).   Prior to January 1, 1999, 
Lexington Management Corporation absorbed the operating expenses that were in 
excess of one and one-half percent (1.50%).