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SIGNATURE PETER CORNIOTES
TITLE ASSISTANT SECRETARY
Independent Auditors' Report
To the Board of Trustees of
Lexington Convertible Securities Fund:
In planning and performing our audit of the financial
statements of Lexington Convertible Securities Fund 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 Convertible Securities
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 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 Trustees, 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
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