FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
Report for fiscal year ending: 12/31/98
Is this a transition report?: ---------------------------------------- N
Is this an amendment to a previous filing? --------------------------- N
1. A. Registrant Name: LEXINGTON CORPORATE LEADERS TRUST FUND
B. File Number: 811- 0091
C. Telephone Number: 201-845-7300
2. A. Street: Park 80 West Plaza Two
B. City: Saddle Brook C: State: NJ D: Zip Code: 07663
3. Is this the first filing on this form by Registrant? -------------- N
4. Is this the last filing on this form by Registrant? --------------- N
5. Is Registrant a small business investment company? ---------------- N
6. Is Registrant a unit investment trust? ---------------------------- Y
[If answer is "Y" complete only items 111 through 132.]
UNIT INVESTMENT TRUSTS
111. A. Depositor Name: LEXINGTON MANAGEMENT CORPORATION
B. File Number (If any): 801-8281
C. City: Saddle Brook State: NJ D: Zip Code: 07663
112. A. Sponsor Name: LEXINGTON MANAGEMENT CORPORATION
B. File Number (If any): 801-8281
C. City: Saddle Brook State: NJ D: Zip Code: 07663
113. A. Trustee Name: STATE STREET BANK AND TRUST COMPANY
B. File Number (If any):
C. City: Boston State: MA D: Zip Code: 02101
114. A. Principal Underwriter Name: LEXINGTON FUNDS DISTRIBUTOR, INC.
B. File Number (If any): 8-24850
C. City: SADDLE BROOK State: NJ D: Zip Code: 07663
115. A. Independent Public Accountant Name: MCGLADREY & PULLEN, LLP
B. File Number (If any):
C. City: NEW YORK State: NY D: Zip Code: 10017
116. Family of investment companies information:
A: Is Registrant a part of a family of investment companies? --- Y
B: Indentify the family in 10 letters: ---------------------- LEXINGTON
117. Is Registrant a separate account of an insurance company? ------- N
118. State the number of series existing at the end of the period
that had securities registered under the Securities Act of
1933 ------------------------------------------------------------ 1
119. State the number of new series for which registration
statements under the Securities Act or 1933 became
effective during the period ------------------------------------- 0
120. State the total value of the portfolio securities on the
date of deposit for the new series included in item 119.
($000's omitted) ------------------------------------------------ 0
121. State the number of series for which a current prospectus
was in existence at the end of the period ----------------------- 1
122. State the number of existing series for which additional
units were registered under the Securities Act of 1933
during the current period --------------------------------------- 1
123. State the total value of the additional units considered
in answering item 122 ($000's omitted) -------------------------- 73,930
124. State the total value of units of prior series that were
placed in the portfolios of subsequent series during the
current period ($000's omitted) --------------------------------- 0
125. State the total dollar amount of sales loads collected by
Registrant's principal underwriter and any underwriter
which is an affiliated person of the principal underwriter
during the current period solely from the sale of units
of all series of the Registrant ($000's omitted) ---------------- 0
126. Of the amount shown in item 125, state the total dollar
amount of sales loads collected from secondary market
operations in Registrant's units ($000's omitted) --------------- 0
127. List opposite the appropriate description below the number
of series whose portfolios are invested primarily (based
upon a percentage of NAV) in each type of security shown,
the aggregate total assets at market value as of a date at
or near the end of the current period of each such group of
series and the total income distributions made by each such
group of series during the current period (excluding
distributions of realized gains, if any):
Number of Total Assets Total Income
Series ($000's Distributions
Investing ommitted) ($000's omitted)
--------- --------- --------------
A: U.S. Treasury direct issue -----
--------- $-------- $--------
B: U.S. Government agency ---------
--------- $-------- $--------
C: State and municipal tax-free ---
--------- $-------- $--------
D: Public utility debt ------------
--------- $-------- $--------
E: Brokers or dealers debt or
debt of brokers' or dealers'
parent -------------------------
--------- $-------- $--------
F. All other corporate intermed.
& long-term debt ---------------
--------- $-------- $--------
G. All other corporate short-term
debt ---------------------------
--------- $-------- $--------
H. Equity securities of brokers
or dealers or parents of
brokers or dealers -------------
--------- $-------- $--------
I. Investment company equity
securities ---------------------
--------- $-------- $--------
J. All other equity securities ---- 1 482,305 13,986
--------- $-------- $--------
K. Other securities ---------------
--------- $-------- $--------
L. Total assets of all series
of registrant -------------------------------- 482,305
$--------
128. Is the timely payment of principal and interest on any of
the portfolio securities held by any of Registrant's
series at the end of the current period insured or
guaranteed by an entity other than the issuer? ------------------ N
[If answer is "N" (No), go to item 131.]
129. -------------------------------------------------------------------
130. -------------------------------------------------------------------
131. Total expenses incurred by all series of Registrant during
the current reporting period ($000's omitted) ------------------ 3,305
132. List the "811" (Investment Company Act of 1940) registration
number for all Series of Registrant that are being included
in this filing: ---------------------------------------------- 811-0091
<PAGE>
For the period ending 12-31-98
File Number 811-0091
SIGNATURE PAGE
This report is signed on behalf of the Depositor in the City of Saddle
Brook and State of New Jersey on the 26th day of February, 1999.
LEXINGTON MANAGEMENT CORPORATION
Witness /s/ Lawrence Kantor By: /s/ Richard M. Hisey
-------------------- ---------------------
Lawrence Kantor Richard M. Hisey
Managing Director Managing Director
& Exec. Vice Pres. & Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The Schedule contains summary financial information extracted from year-
end audited financial statements dated December 31, 1998 and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 376,032,600
<INVESTMENTS-AT-VALUE> 482,305,431
<RECEIVABLES> 1,411,040
<ASSETS-OTHER> 2,948,592
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 486,665,063
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,470,546
<TOTAL-LIABILITIES> 1,470,546
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 275,609,379
<SHARES-COMMON-STOCK> 30,904,526<F1>
<SHARES-COMMON-PRIOR> 35,331,178
<ACCUMULATED-NII-CURRENT> 597,016
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 102,715,291<F2>
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 106,272,831
<NET-ASSETS> 485,194,517<F6>
<DIVIDEND-INCOME> 10,649,739
<INTEREST-INCOME> 118,931
<OTHER-INCOME> 0
<EXPENSES-NET> 3,305,009
<NET-INVESTMENT-INCOME> 7,463,661
<REALIZED-GAINS-CURRENT> 54,816,314<F3>
<APPREC-INCREASE-CURRENT> (13,378,650)
<NET-CHANGE-FROM-OPS> 48,901,325
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,533,432
<DISTRIBUTIONS-OF-GAINS> 8,884,899
<DISTRIBUTIONS-OTHER> 651,211<F4>
<NUMBER-OF-SHARES-SOLD> 4,778,866
<NUMBER-OF-SHARES-REDEEMED> 10,403,573
<SHARES-REINVESTED> 1,198,055
<NET-CHANGE-IN-ASSETS> (72,957,074)<F5>
<ACCUMULATED-NII-PRIOR> 666,787
<ACCUMULATED-GAINS-PRIOR> 119,651,480
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,305,009
<AVERAGE-NET-ASSETS> 510,110,287
<PER-SHARE-NAV-BEGIN> 14.88
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> 1.28
<PER-SHARE-DIVIDEND> (0.23)
<PER-SHARE-DISTRIBUTIONS> (0.26)
<RETURNS-OF-CAPITAL> (0.20)
<PER-SHARE-NAV-END> 15.70
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Shares of Common Stock = Trust Participations
<F2>Accumulated Net Gains = Cumulative Amount of Non-Distributable Gains
Retained in Principal Account
<F3>Realized Gains Current = Distributable $8,884,899
Non-Distributable $45,931,415
<F4>Distributions-Other = Return of Principal Distributions
<F5>Net Change in Assets = Amounts Paid In and Reinvested, Less Paid Out on
Redemptions and Return of Principal Distributions
<F6>Net Assets = Income and Distributable Fund $597,016
Principal Account $484,597,501
============
$485,194,517
</FN>
</TABLE>
