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SIGNATURE PETER CORNIOTES
TITLE ASSISTANT SECRETARY
Independent Auditors' Report
To the Board of Directors of
Lexington Worldwide Emerging Markets Fund, Inc.:
In planning and performing our audit of the financial
statements of Lexington Worldwide Emerging Markets
Fund, Inc. for the year ended December 31, 1994, we
considered its internal control structure, including
procedures 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 structure.
The management of Lexington Worldwide Emerging
Markets Fund, Inc. is responsible for establishing and
maintaining an internal control structure. In fulfilling
this responsibility, estimates and judgments by
management are required to assess the expected benefits
and related costs of internal control structure policies
and procedures. Two of the objectives of an internal
control structure are to provide management with
reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or
disposition and that transactions are executed in
accordance with management's authorization and
recorded properly to permit preparation of financial
statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and may not
be detected. Also, projection of any evaluation of the
structure to future periods is subject to the risk it may
become inadequate because of changes in conditions or
that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure
would not necessarily disclose all matters in the internal
control structure 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 the
specific internal control structure elements does not
reduce to a relatively low level the risk that errors or
irregularities 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 the internal control structure, including
procedures for safeguarding securities, that we consider
to be material weaknesses as defined above as of
December 31, 1994.
This report is intended solely for the information and use
of the Board of Directors, management and the Securities
and Exchange Commission.
KPMG Peat Marwick LLP
New York, New York
February 6, 1995
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The Schedule contains summary financial information extracted from year-
end audited financial statements dated December 31, 1994 and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
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