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SIGNATURE PETER CORNIOTES
TITLE ASSISTANT SECRETARY
The Board of Directors and Shareholders of
Lexington Strategic Silver Fund, Inc.:
In planning and performing our audit of the financial statements of
Lexington Strategic Silver Fund, Inc. for the year ended June 30, 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 Strategic Silver 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 may 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 June 30,
1995.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
KPMG PEAT MARWICK LLP
July 31, 1995
<PAGE>
For period ending 06-30-95
File Number 811 - 4111
77(C) Matters submitted to a vote of security holders.
a. Annual meeting of shareholders - April 19, 1995
b. Matters voted on and number of affirmative/negative votes:
1. Election of Directors: Robert M. DeMichele, Beverley C. Duer,
Barbara R. Evans, Lawrence Kantor, Donald B. Miller,
Francis Olmsted, John G. Preston, Margaret W. Russell,
Philip C. Smith, and Francis A. Sunderland
For All Directors: 5,496,693 Withheld Authority: 485,332
2. Ratification of the selection of KPMG Peat Marwick LLP as the
independent auditors for the Fund for the fiscal year ending
December 31, 1995.
Votes: For Against Abstain
5,175,978 704,310 619,735
3. Approval of the elimination of the Fund's fundamental investment
restriction concerning securities of issuers in operation for less
than three (3) years.
Votes: For Against Abstain
4,772,631 589,626 619,766
4. Approval of the elimination of the Fund's fundamental investment
restriction concerning restricted and illiquid securities.
Votes: For Against Abstain
4,466,773 900,669 614,581
5. Approval of the elimination of the Fund's fundamental investment
restriction concerning investment for control.
Votes: For Against Abstain
4,622,817 707,947 651,259
6. Approval of an amendment to the Fund's fundamental investment
restriction concerning real estate.
Votes: For Against Abstain
4,538,995 802,793 640,236
7. Approval of an amendment to the Fund's fundamental investment
restriction concerning commodities.
Votes: For Against Abstain
4,530,875 804,835 646,312
8. Approval of an amendment to the Fund's fundamental investment
restriction concerning lending.
Votes: For Against Abstain
4,386,651 945,764 649,613
9. Approval to the elimination of the Fund's fundamental investment
restriction concerning consideration other than cash.
Votes: For Against Abstain
4,426,565 901,083 654,375
10. Approval of an amendment to the Fund's fundamental investment
restriction concerning borrowing and senior securities.
Votes: For Against Abstain
4,463,637 836,371 682,016
11. Approval of the elimination of the Fund's fundamental investment
restriction concerning securities of other investment companies.
Votes: For Against Abstain
4,619,832 679,118 683,073
12. Approval of the elimination to the Fund's fundamental investment
restriction concerning securities of affiliates.
Votes: For Against Abstain
4,541,427 771,114 669,482
13. Approval of an amendment to the Fund's fundamental investment
restriction concerning underwriting.
Votes: For Against Abstain
4,642,542 671,867 667,614
14. Approval of the elimination of the Fund's fundamental investment
restriction concerning margin, short sales, puts and calls.
Votes: For Against Abstain
4,436,932 873,506 671,585
15. Approval of the elimination of the Fund's fundamental investment
restriction concerning warrants.
Votes: For Against Abstain
4,573,060 767,638 641,326
16. Approval of the elimination of the Fund's fundamental investment
restriction concerning investment in oil, gas and minerals.
Votes: For Against Abstain
4,608,363 752,142 621,519
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The Schedule contains summary financial information extracted from year-end
audited financial statements dated June 30, 1995 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 58,323,583
<INVESTMENTS-AT-VALUE> 62,857,620
<RECEIVABLES> 92,077
<ASSETS-OTHER> 2,926,658
<OTHER-ITEMS-ASSETS> 0
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<OTHER-ITEMS-LIABILITIES> 359,244
<TOTAL-LIABILITIES> 359,244
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74,069,630
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<DIVIDEND-INCOME> 402,493
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<OTHER-INCOME> (30,861)
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