<PAGE> PAGE 1
000 B000000 12/31/99
000 C000000 0001002241
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 LEXINGTON SMALLCAP FUND, INC.
001 B000000 811-7413
001 C000000 2018457300
002 A000000 PARK 80 WEST PLAZA TWO
002 B000000 SADDLE BROOK
002 C000000 NJ
002 D010000 07663
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 LEXINGTON MANAGEMENT CORPORATION
008 B000001 A
008 C000001 801-8281
008 D010001 SADDLE BROOK
008 D020001 NJ
008 D030001 07663
008 A000002 MARKET SYSTEMS RESEARCH ADVISORS, INC.
008 B000002 S
008 C000002 801-29341
008 D010002 NEW YORK
008 D020002 NY
008 D030002 10038
010 A000001 LEXINGTON MANAGEMENT CORPORATION
010 B000001 8281
010 C010001 SADDLE BROOK
010 C020001 NJ
010 C030001 07663
011 A000001 LEXINGTON FUNDS DISTRIBUTOR, INC.
011 B000001 8-24850
<PAGE> PAGE 2
011 C010001 SADDLE BROOK
011 C020001 NJ
011 C030001 07663
012 A000001 STATE STREET BANK AND TRUST COMPANY C/O NFDS
012 B000001 84-1078
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64105
013 A000001 KPMG LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10154
014 A000001 LEXINGTON FUNDS DISTRIBUTOR, INC.
014 B000001 8-24850
015 A000001 CHASE MANHATTAN BANK N.A.
015 B000001 C
015 C010001 BROOKLYN
015 C020001 NY
015 C030001 11245
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 15
019 C000000 :LEXINGTON
020 A000001 AUTRANET
020 B000001 13-2961507
020 C000001 3
020 A000002 JEFFRIES & CO., INC.
020 B000002 95-2622900
020 C000002 2
020 A000003 CANTOR FITZGERALD
020 B000003 13-3680187
020 C000003 1
020 A000004 CIS REUTERS
020 C000004 1
020 A000005 CS FIRST BOSTON
020 C000005 1
020 A000006 MERRILL LYNCH
020 C000006 1
020 A000007 MORGAN STANLEY
020 C000007 1
020 A000008 BEAR STEARNS
020 C000008 1
020 C000009 0
020 C000010 0
021 000000 11
022 A000001 SHERWOOD SECURITIES
022 B000001 13-2616318
022 C000001 338
022 D000001 471
022 A000002 JEFFRIES
<PAGE> PAGE 3
022 B000002 95-2622900
022 C000002 155
022 D000002 643
022 A000003 BEAR STEARNS
022 C000003 374
022 D000003 421
022 A000004 MORGAN STANLEY
022 B000004 13-2655998
022 C000004 93
022 D000004 691
022 A000005 HERZOG HEINE
022 B000005 13-1955436
022 C000005 336
022 D000005 341
022 A000006 PRUDENTIAL BACHE
022 C000006 319
022 D000006 204
022 A000007 MERRILL LYNCH
022 B000007 13-5674085
022 C000007 142
022 D000007 313
022 A000008 DONALDSON LUFKIN JENRETTE
022 C000008 225
022 D000008 186
022 A000009 GOLDMAN SACHS
022 B000009 13-5108880
022 C000009 276
022 D000009 57
022 A000010 CS FIRST BOSTON
022 C000010 162
022 D000010 119
023 C000000 3014
023 D000000 3739
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
<PAGE> PAGE 4
027 000000 Y
028 A010000 38
028 A020000 0
028 A030000 0
028 A040000 50
028 B010000 15
028 B020000 0
028 B030000 0
028 B040000 31
028 C010000 128
028 C020000 112
028 C030000 0
028 C040000 133
028 D010000 29
028 D020000 0
028 D030000 0
028 D040000 35
028 E010000 106
028 E020000 0
028 E030000 0
028 E040000 135
028 F010000 8
028 F020000 315
028 F030000 0
028 F040000 139
028 G010000 324
028 G020000 427
028 G030000 0
028 G040000 523
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 4
042 B000000 96
042 C000000 0
042 D000000 0
042 E000000 0
<PAGE> PAGE 5
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 6
044 000000 0
045 000000 Y
046 000000 Y
047 000000 Y
048 000000 1.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
<PAGE> PAGE 6
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
058 B000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 1000
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 D000000 Y
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
<PAGE> PAGE 7
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 5156
071 B000000 6452
071 C000000 7319
071 D000000 70
072 A000000 6
072 B000000 21
072 C000000 40
072 D000000 0
072 E000000 0
072 F000000 79
072 G000000 0
072 H000000 13
072 I000000 10
072 J000000 2
072 K000000 0
072 L000000 21
072 M000000 16
072 N000000 8
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 14
072 S000000 11
072 T000000 6
072 U000000 9
072 V000000 0
072 W000000 16
072 X000000 205
072 Y000000 2
072 Z000000 -143
<PAGE> PAGE 8
072AA000000 352
072BB000000 0
072CC010000 0
072CC020000 4591
072DD010000 0
072DD020000 0
072EE000000 429
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.6400
073 C000000 0.0000
074 A000000 1145
074 B000000 0
074 C000000 0
074 D000000 0
074 E000000 6829
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 9
074 M000000 14
074 N000000 7997
074 O000000 0
074 P000000 5
074 Q000000 0
074 R010000 40
074 R020000 0
074 R030000 0
074 R040000 0
074 S000000 0
074 T000000 7952
074 U010000 692
074 U020000 0
074 V010000 11.48
074 V020000 0.00
074 W000000 0.0000
074 X000000 235
074 Y000000 0
075 A000000 0
075 B000000 7898
076 000000 0.00
077 A000000 Y
077 B000000 Y
078 000000 N
080 A000000 CHUBB GROUP OF INSURANCE COMPANIES
080 C000000 6025
081 A000000 Y
081 B000000 13
082 A000000 Y
082 B000000 25
<PAGE> PAGE 9
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE PETER CORNIOTES
TITLE ASSISTANT SECRETARY
Independent Auditor's Report
To the Board of Directors and Shareholders of
Lexington SmallCap Fund, Inc.:
In planning and performing our audit of the financial
statements of Lexington SmallCap Fund, Inc. for the year
ended December 31, 1999, 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 internal control.
The management of Lexington SmallCap Fund, Inc. 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 relatively 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, 1999.
This report is intended solely for the information and use of
management, the Board of Directors of Lexington SmallCap
Fund, Inc., and the Securities and Exchange Commission and is
not intended to be and should not be used by anyone other
than these specified parties.
KPMG LLP
New York, New York
February 7, 2000
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The Schedule contains summary financial information extracted from annual
audited financial statements dated December 31, 1999 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 5,650,946
<INVESTMENTS-AT-VALUE> 6,829,155
<RECEIVABLES> 9,481
<ASSETS-OTHER> 1,158,735
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,997,371
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44,998
<TOTAL-LIABILITIES> 44,998
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,862,415
<SHARES-COMMON-STOCK> 692,460
<SHARES-COMMON-PRIOR> 686,838
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (88,251)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,178,209
<NET-ASSETS> 7,952,373
<DIVIDEND-INCOME> 39,877
<INTEREST-INCOME> 20,807
<OTHER-INCOME> (209)
<EXPENSES-NET> 203,583
<NET-INVESTMENT-INCOME> (143,108)
<REALIZED-GAINS-CURRENT> 351,930
<APPREC-INCREASE-CURRENT> (59,735)
<NET-CHANGE-FROM-OPS> 149,087
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 429,455
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 58,324
<NUMBER-OF-SHARES-REDEEMED> (89,903)
<SHARES-REINVESTED> 37,201
<NET-CHANGE-IN-ASSETS> 60,253
<ACCUMULATED-NII-PRIOR> (25,677)
<ACCUMULATED-GAINS-PRIOR> 112,820
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 78,975
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 205,559
<AVERAGE-NET-ASSETS> 7,897,573
<PER-SHARE-NAV-BEGIN> 11.90
<PER-SHARE-NII> (.21)
<PER-SHARE-GAIN-APPREC> .43
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.64)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.48
<EXPENSE-RATIO> 2.58
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
