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SIGNATURE PETER CORNIOTES
TITLE ASSISTANT SECRETARY
KPMG PEAT MARWICK LLP
345 Park Avenue
New York, NY 10154
To the Board of Directors and Shareholders 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, 1995, 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 the
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 not be detected. Also,
projection of any evaluation of the structure 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 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, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
KPMG Peat Marwick LLP
New York, New York
January 29, 1996
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The Schedule contains summary financial information extracted from year-
end audited financial statements dated December 31, 1995 and is qualified
in its entirely by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
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</TABLE>
