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SIGNATURE JOSEPH LEUNG
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from
Tuxis Corporation Annual Report and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<CIK> 0000736952
<NAME> Tuxis Corporation
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<PERIOD-START> Jan-1-1998
<PERIOD-END> Dec-31-1998
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 11,718,580
<INVESTMENTS-AT-VALUE> 12,821,324
<RECEIVABLES> 193,364
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<TOTAL-LIABILITIES> 505,139
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</TABLE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
Shareholders and Board of Directors
Tuxis Corporation
New York, New York
In planning and performing our audit of the financial statements of Tuxis
Corporation, for the year ended December 31, 1998, 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 the Fund 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 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, 1998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission, and should not be used for any other
purpose.
Philadelphia, Pennsylvania
January 15, 1999
TUX -
A Special Meeting of Shareholders ("Special Meeting") of the Fund was held on
August 31, 1998. At the Special Meeting, shareholders approved: a change to the
investment objective with 370,227 shares voting in favor, 91,695 shares voting
against, and 33,288 shares abstaining; a revision to certain investment
restrictions regarding diversification with 370,999 shares voting in favor,
88,992 shares voting against, and 35,219 shares abstaining; a revision to
certain investment restrictions regarding other investment companies with
373,128 shares voting in favor, 86,824 shares voting against, and 35,258 shares
abstaining; a revision to certain investment restrictions regarding the making
of loans with 373,863 shares voting in favor, 87,194 shares voting against, and
34,153 shares abstaining; the deletion of certain investment restrictions
regarding unseasoned issuers with 376,537 shares voting in favor, 84,281 shares
voting against, and 34,392 shares abstaining; a revision to certain investment
restrictions regarding commodities with 370,353 shares voting in favor, 90,704
shares voting against, and 34,153 shares abstaining; the deletion of certain
investment restrictions regarding oil and gas with 372,812 shares voting in
favor, 88,245 shares voting against, and 34,153 shares abstaining; a revision to
certain investment restrictions regarding short sales and margin with 364,485
shares voting in favor, 88,826 shares voting against, and 41,899 shares
abstaining; the deletion of certain investment restrictions regarding investing
to exercise control with 374,923 shares voting in favor, 83,788 shares voting
against, and 36,499 shares abstaining; the deletion of certain investment
restrictions regarding securities ownership overlap with officers or directors
with 371,105 shares voting in favor, 79,521 shares voting against, and 44,584
shares abstaining; a revision of certain investment restrictions regarding puts,
calls, straddles, and spreads with 364,724 shares voting in favor, 88,587 shares
voting against, and 41,899 shares abstaining; an amendment of the Fund's
Articles of Incorporation to change the Fund's name with 429,241 shares voting
in favor, 66,173 shares voting against, and 42,440 shares abstaining; and a
change of the classification of the Fund from a diversified investment company
to a non-diversified investment company with 369,432 shares voting in favor,
88,884 shares voting against, and 36,894 shares abstaining.
At the Annual Meeting of Shareholders of the Fund held on November 24, 1998,
shareholders were asked to elect a director and to ratify the selection of Tait,
Weller & Baker as the Fund's independent auditors. Shareholders elected Russell
E. Burke, III director of the Fund with 477,811 shares voting in favor and
14,811 shares voting to withhold authority. The names of each other director
whose term of office continued after the meeting are David R. Stack, Basset S.
Winmill, Mark C. Winmill, and Thomas B. Winmill. Shareholders ratified the
selection of the independent auditors with 463,859 shares voting in favor, 1,172
shares voting against, and 27,591 shares voting to abstain.
