UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
Read Instructions at end of Form before preparing Form.
1. Name and address of issuer:
Glickenhaus & Co. Lebenthal & Co., Inc.
6 East 43rd Street - 10th Floor 120 Broadway
New York, New York 10017 New York, New York 10271
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2. The name of each series or class of securities for which this Form is
filed (if the Form is being filed for all series and classes of
securities of the issuer, check the box but do not list series or
classes):
Empire State Municipal Exempt Trust, Guaranteed Series 86
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3. Investment Company Act File Number: 811-7423
Securities Act File Number: 33-48319
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4(a). Last day of fiscal year for which this Form is filed: May 31, 1999
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4(b)./X/ Check box if this Form is being filed late (i.e., more than 90
calendar days after the end of the issuer's fiscal
year). (See Instruction A.2)
Note: If the Form is being filed late, interest must be paid on the
registration fee due.
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4(c)./ / Check box if this is the last time the issuer will be filing this
Form.
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5. Calculation of registration fee:
<S> <C> <C>
(i)Aggregate sale price of securities
sold during the fiscal year pursuant to
section 24(f): $ 14,148.60
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(ii) Aggregate price of securities redeemed or
repurchased during the fiscal year: $ 527,945.90
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(iii) Aggregate price of securities redeemed or
repurchased during any prior fiscal year
ending no earlier than October
11, 1995 that were not previously used
to reduce registration fees payable $1,450,842.06
to the Commission: -------------
(iv) Total available redemption credits
[add items 5(ii) and 5(iii)]: -$1,978,787.96
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(v) Net sales -- if Item 5(i) is greater
than Item 5(iv) [subtract Item 5(iv)
from Item 5(i)]: $ -0-
-----------
(vi) Redemption credits available for use in $ (1,964,639.36)
future years -- if Item 5(i) is less ---------------
than Item 5(iv) [subtract Item
5(iv) from Item 5(i)]:
(vii) Multiplier for determining registration fee (See x .000278
Instruction C.9): -------
(viii) Registration fee due [multiply Item 5(v) by Item =$ - 0-
5(vii)] (enter "0" if no fee is due): ==========
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6. Prepaid Shares
If the response to Item 5(i) was determined by deducting an amount of
securities that were registered under the Securities Act of 1933
pursuant to rule 24e-2 as in effect before October 11, 1997, then
report the amount of securities (number of shares or other units)
deducted here: ________. If there is a number of shares or other units
that were registered pursuant to rule 24e-2 remaining unsold at the end
of the fiscal year for which this form is filed that are available for
use by the issuer in future fiscal years, then state that number here:
_____.
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7. Interest due -- if this Form is being filed more than
90 days after the end of the issuer's fiscal year
(see Instruction D):
+$ -0-
----------
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8. Total of the amount of the registration fee due plus any interest due
[line 5(viii) plus line 7]:
=$ -0-
==========
</TABLE>
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9. Date the registration fee and any interest payment was sent to the
Commission's lockbox depository:
Method of Delivery:
/ / Wire Transfer
/ / Mail or other means
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SIGNATURES
This report has been signed below by the following persons on behalf of
the issuer and in the capacities and on the dates indicated.
By (Signature and Title)* /s/ Michael Lynch
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Michael Lynch Attorney-in-Fact
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Date August 31, 1999
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*Please print the name and title of the signing officer below the signature.
