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SIGNATURE PETER CORNIOTES
TITLE ASSISTANT SECRETARY
The Board of Directors of
Lexington Emerging Markets Fund, Inc.:
In planning and performing our audit of the financial statements of
Lexington Emerging Markets Fund, Inc. for the year ended December 31, 1997,
we considered its internal control, including controls over 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.
The management of Lexington Emerging Markets 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, errors or
irregularities may occur and may 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 any specific internal control component 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 internal control, including controls over safeguarding
securities, that we consider to be material weaknesses as defined above as
of December 31, 1997.
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
February 4, 1998
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The Schedule contains summary financial information extracted from annual
audited financial statements dated December 31, 1997 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-END> DEC-31-1997
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