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SIGNATURE PETER CORNIOTES
TITLE ASSISTANT SECRETARY
The Board of Directors and Shareholders of
Lexington Strategic Investments Fund, Inc.:
In planning and performing our audit of the financial statements of
Lexington Strategic Investments 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 Investments 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
For period ending 06-30-95
File Number 811 - 2506
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: 17,414,924 Withheld Authority: 1,599,775
2. Ratification of the selection of KPMG Peat Marwick as the
independent auditors for the Fund for the fiscal year ending
December 31, 1995.
Votes: For Against Abstain
16,292,338 691,767 2,030,594
3. Approval of an amendment to the Fund's fundamental investment
restriction concerning senior securities.
Votes: For Against Abstain
15,365,124 1,495,229 2,154,345
4. Approval of an amendment to the Fund's fundamental investment
restriction concerning diversification.
Votes: For Against Abstain
15,498,048 1,433,718 2,082,932
5. Approval of the elimination of the Fund's fundamental investment
restriction concerning securities of other investment companies.
Votes: For Against Abstain
15,342,801 1,542,057 2,129,840
6. 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
15,277,720 1,597,469 2,139,509
7. Approval of an amendment to the Fund's fundamental investment
restriction concerning borrowing.
Votes: For Against Abstain
14,886,729 2,000,907 2,127,062
8. Approval of an amendment to the Fund's fundamental investment
restriction concerning underwriting.
Votes: For Against Abstain
15,579,730 1,293,959 2,141,009
9. Approval to the elimination of the Fund's fundamental investment
restriction concerning restricted and illiquid securities.
Votes: For Against Abstain
14,944,388 1,911,441 2,158,870
10. Approval of an amendment to the Fund's fundamental investment
restriction concerning real estate.
Votes: For Against Abstain
15,186,189 1,722,706 2,105,803
11. Approval of the elimination of the Fund's fundamental investment
restriction concerning securities of affiliates.
Votes: For Against Abstain
15,251,468 1,601,599 2,161,630
12. Approval of an amendment to the Fund's fundamental investment
restriction concerning lending.
Votes: For Against Abstain
14,934,511 1,901,386 2,178,800
13. Approval of the elimination of the Fund's fundamental investment
restriction concerning margin and short sales.
Votes: For Against Abstain
14,873,722 2,033,752 2,107,224
14. Approval of the elimination of the Fund's fundamental investment
restriction concerning puts and calls.
Votes: For Against Abstain
14,899,501 1,978,306 2,136,890
15. Approval of the elimination of the Fund's fundamental investment
restriction concerning investment for control.
Votes: For Against Abstain
15,545,764 1,346,521 2,122,412
16. Approval of the elimination of the Fund's fundamental investment
restriction concerning investment in oil, gas and minerals.
Votes: For Against Abstain
15,453,631 1,493,594 2,067,472
17. Approval of an amendment to the Fund's fundamental investment restriction
concerning commodity contracts.
Votes: For Against Abstain
15,046,636 1,843,303 2,124,759
<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
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<TOTAL-LIABILITIES> 2,055,850
<SENIOR-EQUITY> 0
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<GROSS-EXPENSE> 1,879,145
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<PER-SHARE-NAV-BEGIN> 2.48
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> .03
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<AVG-DEBT-PER-SHARE> 0
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