<PAGE> PAGE 1
000 B000000 12/31/99
000 C000000 0000753311
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 SILVER FUND, INC.
001 B000000 811-4111
001 C000000 2018457300
002 A000000 PARK 80 WEST PLAZA TWO
002 B000000 SADDLE BROOK
002 C000000 NJ
002 D010000 07663
002 D020000 9990
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 D040001 9990
008 A000002 DELETE
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
011 C010001 SADDLE BROOK
011 C020001 NJ
011 C030001 07663
<PAGE> PAGE 2
011 C040001 9990
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 E040001 X
018 000000 Y
019 A000000 Y
019 B000000 15
019 C000000 :LEXINGTON
020 A000001 NESBITT BURNS SECURITIES, INC.
020 B000001 13-2620737
020 C000001 6
020 A000002 AUTRANET, INC.
020 B000002 13-2961507
020 C000002 5
020 A000003 SCOTIA MC LEOD, INC.
020 B000003 13-5239583
020 C000003 5
020 A000004 DEUTSCHE BANK SECURITIES, INC.
020 B000004 13-2730828
020 C000004 4
020 A000005 TORONTO DOMINION SECURITIES
020 C000005 4
020 A000006 WOOD GUNDY CORPORATION
020 C000006 4
020 A000007 CIS REUTERS
020 C000007 3
020 A000008 S.G. COWEN
020 C000008 3
020 A000009 RBC DOMINION SECURITIES
020 B000009 13-5033225
020 C000009 2
020 A000010 LIPPER ANALYTICAL
020 B000010 13-2792478
020 C000010 2
021 000000 39
022 A000001 LEHMAN BROTHERS
022 B000001 13-2518466
<PAGE> PAGE 3
022 C000001 881640
022 D000001 1992
022 A000002 CREDIT SUISSE FIRST BOSTON CORPORATION
022 C000002 0
022 D000002 3785
022 A000003 MERRILL LYNCH PIERCE FENNER & SMITH, INC.
022 B000003 13-5674085
022 C000003 1051
022 D000003 0
022 A000004 GOLDMAN SACHS & COMPANY
022 B000004 13-5108880
022 C000004 0
022 D000004 371
022 A000005 HERZOG HEINE GEDULT, INC.
022 B000005 13-1955436
022 C000005 0
022 D000005 54
022 A000006 THE CHASE MANHATTAN BANK
022 C000006 0
022 D000006 46
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 882691
023 D000000 6248
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
027 000000 Y
028 A010000 325
028 A020000 0
<PAGE> PAGE 4
028 A030000 0
028 A040000 657
028 B010000 319
028 B020000 0
028 B030000 0
028 B040000 584
028 C010000 277
028 C020000 0
028 C030000 0
028 C040000 291
028 D010000 1435
028 D020000 0
028 D030000 0
028 D040000 1306
028 E010000 425
028 E020000 0
028 E030000 0
028 E040000 610
028 F010000 351
028 F020000 59
028 F030000 0
028 F040000 1103
028 G010000 3132
028 G020000 59
028 G030000 0
028 G040000 4551
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 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
<PAGE> PAGE 5
044 000000 0
045 000000 Y
046 000000 Y
047 000000 Y
048 000000 0.000
048 A010000 30000
048 A020000 1.000
048 B010000 0
048 B020000 0.750
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
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
<PAGE> PAGE 6
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
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 C000000 Y
067 000000 N
068 A000000 Y
068 B000000 Y
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 Y
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
<PAGE> PAGE 7
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
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 6392
071 B000000 7804
071 C000000 21713
071 D000000 29
072 A000000 12
072 B000000 211
072 C000000 467
072 D000000 0
072 E000000 0
072 F000000 261
072 G000000 0
072 H000000 0
072 I000000 98
072 J000000 38
072 K000000 0
072 L000000 35
072 M000000 17
072 N000000 13
072 O000000 0
072 P000000 0
072 Q000000 21
072 R000000 27
072 S000000 12
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 28
072 X000000 550
072 Y000000 0
072 Z000000 128
072AA000000 493255
072BB000000 1134843
072CC010000 0
072CC020000 2490
072DD010000 63
<PAGE> PAGE 8
072DD020000 0
072EE000000 0
073 A010000 0.0073
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 1125
074 B000000 0
074 C000000 1948
074 D000000 0
074 E000000 1244
074 F000000 19756
074 G000000 0
074 H000000 0
074 I000000 1407
074 J000000 54
074 K000000 0
074 L000000 26
074 M000000 0
074 N000000 25560
074 O000000 0
074 P000000 21
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 126
074 S000000 0
074 T000000 25413
074 U010000 8598
074 U020000 0
074 V010000 2.96
074 V020000 0.00
074 W000000 0.0000
074 X000000 2994
074 Y000000 0
075 A000000 0
075 B000000 26110
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
083 A000000 N
083 B000000 0
084 A000000 N
<PAGE> PAGE 9
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 Silver Fund, Inc.:
In planning and performing our audit of the financial
statements of Lexington Silver Fund, Inc. (formerly the
Lexington Strategic Silver 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 Silver 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 Silver 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> 30,843,207
<INVESTMENTS-AT-VALUE> 24,355,594
<RECEIVABLES> 79,561
<ASSETS-OTHER> 1,124,738
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,559,893
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 146,537
<TOTAL-LIABILITIES> 146,537
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41,593,314
<SHARES-COMMON-STOCK> 8,598,089
<SHARES-COMMON-PRIOR> 9,370,946
<ACCUMULATED-NII-CURRENT> 63,221
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (9,755,566)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6,487,613)
<NET-ASSETS> 25,413,356
<DIVIDEND-INCOME> 478,742
<INTEREST-INCOME> 210,793
<OTHER-INCOME> (11,946)
<EXPENSES-NET> 550,051
<NET-INVESTMENT-INCOME> 127,538
<REALIZED-GAINS-CURRENT> (641,588)
<APPREC-INCREASE-CURRENT> 2,489,979
<NET-CHANGE-FROM-OPS> 1,975,929
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 63,027
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,363,039
<NUMBER-OF-SHARES-REDEEMED> 3,155,876
<SHARES-REINVESTED> 19,980
<NET-CHANGE-IN-ASSETS> (2,059,691)
<ACCUMULATED-NII-PRIOR> (997)
<ACCUMULATED-GAINS-PRIOR> (12,221,115)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 261,004
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 550,051
<AVERAGE-NET-ASSETS> 26,100,405
<PER-SHARE-NAV-BEGIN> 2.73
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0.23
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.96
<EXPENSE-RATIO> 2.11
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
