Report 
 
      
Registrant:   Lexington Goldfund, Inc. — List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end:  12/31/96

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  No
Is this a change to a previous Report?      No
 
Registrant 
 
 1.
SEC CIK:      277512
SEC File #:   811-02881

Telephone #:  201-845-7300
 
 2.
Address:      Park 80 West Plaza Two
              Saddle Brook, NJ  07663
 
 3.
Is this the first Form N-SAR filed by the Registrant?  No
 
 4.
Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series 
↑Top of Form N-SAR 
     
                                                                               
 7.
Is the Registrant a Funds/Series (multiple portfolios) company?  No
 
Investment Adviser 
 
 8.1
Name:         Lexington Management Corp.
Role:         Adviser
SEC File #:   801-08281
Location:     Saddle Brook, NJ
 
Administrator 
 
10.1
Name:         Lexington Management Corp.
Location:     Saddle Brook, NJ
 
Principal Underwriter 
 
11.1
Name:         Lexington Funds Distributor, Inc.
SEC File #:   008-24850
Location:     Saddle Brook, NJ
 
Shareholder Servicing/Transfer Agent 
 
12.1
Name:         State Street Bank & Trust Co. c/o NFDS
SEC File #:   084-01078
Location:     Kansas City, MO
 
Independent Public Accountant 
 
13.1
Name:         KPMG Peat Marwick LLP
Location:     New York, NY
 
Affiliated Broker/Dealer 
 
14.1
Name:         Lexington Funds Distributor, Inc.
SEC File #:   008-24850
 
Custodian 
 
15.1
Name:         Chase Manhattan Bank N.A.
Role:         Custodian
Location:     Brooklyn, NY

Type of custody:  Rule 17f-5 — Foreign Custodian
 
18.
Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  Yes
 
Family of Investment Companies 
 
19.
Is the Registrant/Series part of a “family” of investment companies?  Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family:  18

The Identification Code of the family for Form N-SAR Filings:  LEXINGTON
 
Brokerage Commissions Paid on Portfolio Transactions 
 
20.
The brokers who received the largest amount of gross brokerage
commissions during the period:
 
20.1
Broker:       Nesbitt/Burns
Commissions paid ($000s):  48
 
20.2
Broker:       Hartley Poynton
Commissions paid ($000s):  37
 
20.3
Broker:       Midland/Walwyn
Commissions paid ($000s):  36
 
20.4
Broker:       Pru-Bache Securities
Commissions paid ($000s):  33
 
20.5
Broker:       Scotia McLeod
IRS #:        13-5239583
Commissions paid ($000s):  27
 
20.6
Broker:       ATC
Commissions paid ($000s):  23
 
20.7
Broker:       SBC – Warburg
IRS #:        13-3340045
Commissions paid ($000s):  21
 
20.8
Broker:       Wood Gundy
Commissions paid ($000s):  20
 
20.9
Broker:       J.B. Were & Son
IRS #:        13-3077027
Commissions paid ($000s):  19
 
20.10
Broker:       Merrill Lynch
IRS #:        13-5674085
Commissions paid ($000s):  19
 
21.
Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s):  409
 
Portfolio Transactions with Entities Acting as Principals 
 
22.
The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1
Entity:       Merrill Lynch Pierce Fenner & Smith Inc.
IRS #:        13-5674085
Registrant’s purchases ($000s):  641,256
Registrant’s sales ($000s):  9,428
 
22.2
Entity:       Shearson Lehman Brothers
IRS #:        13-2518466
Registrant’s purchases ($000s):  266,428
 
22.3
Entity:       Nesbit/Burns
Registrant’s purchases ($000s):  5,618
 
22.4
Entity:       UBS Securities
IRS #:        13-2932996
Registrant’s sales ($000s):  3,237
 
22.5
Entity:       Credit Suisse
Registrant’s purchases ($000s):  3,008
 
22.6
Entity:       Goepal Shield
Registrant’s purchases ($000s):  1,269
 
22.7
Entity:       Bain Securities
Registrant’s purchases ($000s):  816
Registrant’s sales ($000s):  120
 
22.8
Entity:       Dominion Securities
Registrant’s purchases ($000s):  897
 
22.9
Entity:       Yorkton Securities
Registrant’s purchases ($000s):  826
 
22.10
Entity:       Scotia Capital Markets
Registrant’s purchases ($000s):  780
 
23.
Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  929,385
   Aggregate sales ($000s):  20,967
 
Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.
At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
Considerations which Affected the Participation of Brokers or Dealers 
 
26.
Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ...............................  No
Receipt of investment research and statistical info ....................  Yes
Receipt of quotations for portfolio valuations .........................  No
Ability to execute portfolio transactions to obtain the best price
  and execution ........................................................  Yes
Receipt of telephone line and wire services ............................  No
Broker or Dealer which is an affiliated person .........................  No
An arrangement to return or credit part or all of commissions or
  profits thereon...
    To an Investment Adviser or Principal Underwriter, or to an
      affiliated person of either ......................................  No
    To the Registrant ..................................................  No
Other ..................................................................  No
 
Investment Company Type 
 
27.
Is the Registrant an “open-end” investment company?  Yes, Open-End
 
Sales and Repurchases 
 
28.
Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 7,531
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 15,102
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 8,658
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 7,430
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 5,381
      Reinvestment of dividends and distributions ................
 5,527
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 11,703
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 7,989
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 8,339
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 9,693
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 11,536
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 5,330
      Reinvestment of dividends and distributions ................
 6,334
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 6,151

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 44,582
      Reinvestment of dividends and distributions ................
 11,861
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 60,261

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  0
 
Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.
Was a front-end sales load deducted from any share sales during the
period?  No
 
34.
Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period?  No
 
37.
Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period?  No
 
39.
Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period?  No
 
Payment Plan for the Distribution of Fund Shares 
 
40.
During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1?  Yes
 
41.
During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan?  Yes
 
42.
For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid  (%)
Advertising ............................................................
 55
Printing & mailing of prospectuses to other than current shareholders ..
 6
Payments to underwriters ...............................................
 –
Payments to brokers or dealers .........................................
 –
Direct payments to sales personnel .....................................
 –
Payments to banks and savings & loans ..................................
 –
Other uses, including payments to its Investment Adviser separate
  from the advisory fee ................................................
 –
Unallocated payments made for a combination of such services ...........
 39
 
43.
Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s):  349
 
44.
If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s):  0
 
Advisory Fee 
 
45.
Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.
Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.
Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.
Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  0.0%
    Step-fee rates:
      For 1st $000s:  50,000
        Annual rate:  1.0%
        Annual rate:  0.75%
 
49.
Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.
Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.
Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  No
 
54.
Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................  Yes
Clerical and bookkeeping services ......................................  No
Accounting services ....................................................  No
Services of independent auditors .......................................  No
Services of outside counsel ............................................  No
Registration and filing fees ...........................................  No
Stationery, supplies and printing ......................................  Yes
Salaries & compensation of Registrant’s interested Directors ...........  Yes
Salaries & compensation of Registrant’s disinterested Directors ........  No
Salaries & compensation of Registrant’s Officers who aren’t Directors ..  Yes
Reports to current shareholders ........................................  No
Determination of offering and redemption prices ........................  No
Trading department .....................................................  Yes
Prospectus preparation and printing for current shareholders ...........  No
Other ..................................................................  Yes
 
Miscellaneous Info 
 
55.
Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.
During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  Yes
 
57.
Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
Classification and Asset Allocation 
 
58.
Is the Registrant/Series a Separate Account of an insurance company?  No
 
59.
Is the Registrant/Series a management investment company?  Yes
 
60.
Was the Registrant/Series a diversified investment company at any time
during the period?  No

Was the Registrant/Series a diversified investment company at the end of
the period?  No
 
61.
The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $1,000
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
66.
Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  Yes
               Capital appreciation?  Yes
 
67.
Is the Registrant/Series a “balanced” Fund?  No
 
68.
Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  Yes
    Located primarily in countries other than the United States?  Yes
 
69.
Is the Registrant/Series an index Fund?  No
 
Investment Practices 
 
70.
Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes      No
Writing or investing in options on equities?             No        –
Writing or investing in options on debt securities?      No        –
Writing or investing in options on stock indices?        No        –
Writing or investing in interest rate futures?           No        –
Writing or investing in stock index futures?             Yes      No
Writing or investing in options on futures?              No        –
Writing or investing in options on stock index futures?  Yes      No
Writing or investing in other commodity futures?         No        –
Investments in restricted securities?                    Yes to both
Investments in shares of other investment companies?     Yes      No
Investments in securities of foreign issuers?            Yes to both
Currency exchange transactions?                          Yes to both
Loaning portfolio securities?                            No        –
Borrowing of money?                                      No        –
Purchases/sales by certain exempted affiliated persons?  No        –
Margin purchases?                                        No        –
Short selling?                                           No        –
 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  41,092
Sales ($000s):      82,903

Monthly average Value of portfolio ($000s):  132,367

Percent turnover (lesser of Purchases or Sales, divided by Value):  31%
 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12

Income  ($000s)
Net interest income ..............................................
 324
Net dividend income ..............................................
 1,454
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 1,171
Administrator fees ...............................................
 –
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 227
Custodian fees ...................................................
 77
Postage ..........................................................
 –
Printing expenses ................................................
 113
Directors’ fees ..................................................
 16
Registration fees ................................................
 36
Taxes ............................................................
 –
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 115
Auditing fees ....................................................
 25
Legal fees .......................................................
 12
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 349
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 89
Total expenses ...................................................
 2,230

Expense reimbursements ($000s):   0

Net investment income ($000s):    -452

Realized capital gains ($000s):   27,674
Realized capital losses ($000s):  4,170

Net unrealized appreciation during the period ($000s):  0
Net unrealized depreciation during the period ($000s):  763

Total income dividends for which the record date passed during the
period ($000s):  13,569

Total capital gains distributions for which the record date passed
during the period ($000s):  0
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.7902

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 44
Repurchase agreements ............................................
 –
Short-term debt securities, other than repurchase agreements .....
 5,999
Long-term debt securities, including convertible debt ............
 536
Preferred, conv. preferred and adjustable-rate preferred stock ...
 –
Common stock .....................................................
 89,022
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 14,552
Receivables from portfolio instruments sold ......................
 23
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 534
All other assets .................................................
 –
Total assets .....................................................
 110,710

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 –
Amounts owed to affiliated persons ...............................
 79
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 1,344

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 109,287

Number of shares outstanding (000s):   18,304

Net Asset Value (NAV) per share (to nearest cent):  $5.97

Total number of shareholder accounts:  9,529

Total value of assets in segregated accounts ($000s):  0
 
75.
Monthly average net assets during the period ($000s):  139,519
 
Additional Disclosures 
 
77.
Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77B:  Accountant’s Report re: Internal Controls?  Yes

EX-99.77Q1: Other Disclosure?  Yes
 
Subsidiaries 
 
78.
Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Federal Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  6,925
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  Yes

How many other investment companies or other entities are covered by the
bond (counting each Fund/Series as a separate investment company):  16
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  Yes

The amount of the deductible ($000s):  25
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      Peter Corniotes      
Name:   Peter Corniotes
Title:  Assistant Secretary