LEXINGTON RAMIREZ GLOBAL INCOME FUND
NSAR-B, 1999-03-01
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SIGNATURE   PETER CORNIOTES                              
TITLE       ASSISTANT SECRETARY 
 


  
  
  
  The Board of Trustees and Shareholders of
  Lexington Ramirez Global Income Fund:
  
  In planning and performing our audit of the financial statements of
  Lexington Ramirez Global Income Fund (the "Fund") for the year ended
  December 31, 1998, we considered its internal control, including
  control activities 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.
  
  The management of the Fund is responsible for establishing and
  maintaining  internal control.  In fulfilling this responsibility,
  estimates and judgments by management are required to assess the
  expected benefits and related costs of controls.  Generally,
  controls that are relevant to an audit pertain to the entity's
  objective of preparing financial statements for external purposes
  that are fairly presented in conformity with generally accepted
  accounting principles.  Those controls include the safeguarding of
  assets against unauthorized acquisition, use, or disposition.
  
  Because of inherent limitations in internal control, error or fraud
  may occur and not be detected.  Also, projection of any evaluation
  of internal control 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 internal control would not necessarily disclose
  all matters in internal control 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 one or more of the internal control
  components does not reduce to a relative low level the risk that
  misstatements caused by error or fraud 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 internal control and its operation,
  including controls for safeguarding securities, that we consider to
  be material weaknesses as defined above as of December 31, 1998.
  
  This report is intended solely for the information and use of
  management, the Board of Trustees of Lexington Ramirez Global Income
  Fund, and the Securities and Exchange Commission.
  
       /s/ KPMG LLP
  
  
  New York, New York
  February 8, 1999
  

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
The Schedule contains summary financial information extracted from annual
audited financial statements dated December 31, 1998 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               DEC-31-1998
<INVESTMENTS-AT-COST>                       37,050,139
<INVESTMENTS-AT-VALUE>                      35,460,498
<RECEIVABLES>                                1,192,083
<ASSETS-OTHER>                                  14,041
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              36,666,622
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      260,060
<TOTAL-LIABILITIES>                            260,060
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    37,956,461
<SHARES-COMMON-STOCK>                        3,512,625
<SHARES-COMMON-PRIOR>                        2,236,035
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                       (134,882)
<ACCUMULATED-NET-GAINS>                        162,854
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                   (1,577,871)
<NET-ASSETS>                                36,406,562
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            4,219,398
<OTHER-INCOME>                               (123,887)
<EXPENSES-NET>                               (476,803)
<NET-INVESTMENT-INCOME>                      3,618,708
<REALIZED-GAINS-CURRENT>                     (156,676)
<APPREC-INCREASE-CURRENT>                  (1,141,496)
<NET-CHANGE-FROM-OPS>                        2,320,536
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                  (2,758,226)
<DISTRIBUTIONS-OF-GAINS>                     (624,804)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      2,249,211
<NUMBER-OF-SHARES-REDEEMED>                (1,263,118)
<SHARES-REINVESTED>                            290,497
<NET-CHANGE-IN-ASSETS>                      13,801,323
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                       97,112
<OVERDISTRIB-NII-PRIOR>                      (148,142)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          317,877
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                602,149
<AVERAGE-NET-ASSETS>                        31,786,855
<PER-SHARE-NAV-BEGIN>                            10.58
<PER-SHARE-NII>                                   0.90
<PER-SHARE-GAIN-APPREC>                         (0.07)
<PER-SHARE-DIVIDEND>                            (0.87)
<PER-SHARE-DISTRIBUTIONS>                       (0.18)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.36
<EXPENSE-RATIO>                                   1.50
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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