<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 0000916764
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 LEXINGTON EMERGING MARKETS FUND, INC.
001 B000000 811-8250
001 C000000 2018457300
002 A000000 PARK 80 WEST PLAZA TWO
002 B000000 SADDLE BROOK
002 C000000 NJ
002 D010000 07663
003 000000 Y
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 LEXINGTON MANAGEMENT CORPORATION
008 B000001 A
008 C000001 801-8281
008 D010001 SADDLE BROOK
008 D020001 NJ
008 D030001 07663
010 A000001 LEXINGTON MANAGEMENT CORPORATION
010 B000001 8281
010 C010001 SADDLE BROOK
010 C020001 NJ
010 C030001 07663
011 A000001 LEXINGTON FUNDS DISTRIBUTOR, INC.
011 B000001 8-24850
011 C010001 SADDLE BROOK
011 C020001 NJ
011 C030001 07663
012 A000001 STATE STREET BANK AND TRUST COMPANY C/O NFDS
012 B000001 84-1078
012 C010001 KANSAS CITY
<PAGE> PAGE 2
012 C020001 MO
012 C030001 64105
013 A000001 KPMG PEAT MARWICK LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10154
014 A000001 LEXINGTON FUNDS DISTRIBUTOR, INC.
014 B000001 8-24850
015 A000001 CHASE MANHATTAN BANK N.A.
015 B000001 C
015 C010001 BROOKLYN
015 C020001 NY
015 C030001 11245
015 E040001 X
018 000000 Y
019 A000000 Y
019 B000000 18
019 C000000 :LEXINGTON
020 A000001 MERRILL LYNCH PIERCE FENNER & SMITH, INC.
020 B000001 13-5674085
020 C000001 49
020 A000002 BARING SECURITIES
020 B000002 04-2455153
020 C000002 15
020 A000003 DEUTSCHE BANK
020 C000003 14
020 A000004 MORGAN STANLEY
020 B000004 13-2655998
020 C000004 12
020 A000005 WARBURG
020 B000005 13-3340045
020 C000005 12
020 A000006 BARCLAYS DE ZOETTE WEDD
020 B000006 13-3551367
020 C000006 11
020 A000007 JARDINE FLEMING
020 C000007 9
020 A000008 CROSBY SECURITIES
020 B000008 13-3431728
020 C000008 9
020 A000009 CS FIRST BOSTON
020 B000009 13-5659485
020 C000009 7
020 A000010 SALOMON BROTHERS
020 B000010 13-3082694
020 C000010 7
021 000000 231
022 A000001 SHEARSON LEHMAN BROTHERS, INC.
022 B000001 13-2518466
022 C000001 240961
022 D000001 2601
<PAGE> PAGE 3
022 A000002 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000002 13-5674085
022 C000002 326
022 D000002 287
022 A000003 UBS SECURITIES
022 B000003 13-2932296
022 C000003 297
022 D000003 262
022 A000004 BRUNSWICK
022 C000004 250
022 D000004 279
022 A000005 PARIBAS CORP NY
022 B000005 13-3235334
022 C000005 0
022 D000005 503
022 A000006 CS FIRST BOSTON
022 B000006 13-5659485
022 C000006 195
022 D000006 297
022 A000007 ROBERT FLEMINGS, INC.
022 B000007 13-3298866
022 C000007 203
022 D000007 20
022 A000008 BARCLAYS DE ZOETTE WEDD
022 B000008 13-3551367
022 C000008 209
022 D000008 0
022 A000009 BEAR STEARNS
022 B000009 13-3299429
022 C000009 21
022 D000009 166
022 A000010 GARANTIA, INC.
022 C000010 91
022 D000010 0
023 C000000 242781
023 D000000 4540
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
<PAGE> PAGE 4
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 4142
028 A020000 0
028 A030000 0
028 A040000 2548
028 B010000 4623
028 B020000 0
028 B030000 0
028 B040000 2026
028 C010000 2886
028 C020000 0
028 C030000 0
028 C040000 3972
028 D010000 3102
028 D020000 0
028 D030000 0
028 D040000 1939
028 E010000 3431
028 E020000 0
028 E030000 0
028 E040000 2159
028 F010000 3346
028 F020000 0
028 F030000 0
028 F040000 1983
028 G010000 21530
028 G020000 0
028 G030000 0
028 G040000 14627
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
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032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
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038 000000 0
039 000000 N
040 000000 N
042 A000000 0
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042 C000000 0
<PAGE> PAGE 5
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
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045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.850
048 A010000 0
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048 B010000 0
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048 C010000 0
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048 E010000 0
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048 F010000 0
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048 G010000 0
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048 I010000 0
048 I020000 0.000
048 J010000 0
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048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
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054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
<PAGE> PAGE 6
054 N000000 N
054 O000000 Y
055 A000000 N
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066 A000000 Y
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066 C000000 N
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066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
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070 A010000 Y
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070 B010000 Y
070 B020000 N
070 C010000 N
<PAGE> PAGE 7
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 N
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 26289
071 B000000 20031
071 C000000 25093
071 D000000 160
072 A000000 6
072 B000000 69
072 C000000 297
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072 H000000 0
072 I000000 2
072 J000000 90
072 K000000 0
072 L000000 16
072 M000000 7
072 N000000 2
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072 P000000 0
<PAGE> PAGE 8
072 Q000000 14
072 R000000 6
072 S000000 1
072 T000000 0
072 U000000 3
072 V000000 0
072 W000000 6
072 X000000 263
072 Y000000 21
072 Z000000 124
072AA000000 1451
072BB000000 0
072CC010000 1941
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072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
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073 C000000 0.0000
074 A000000 2220
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074 C000000 195
074 D000000 0
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074 F000000 30176
074 G000000 0
074 H000000 0
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074 J000000 341
074 K000000 0
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074 M000000 0
074 N000000 33166
074 O000000 936
074 P000000 22
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074 R030000 0
074 R040000 97
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074 T000000 32111
074 U010000 2769
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074 V010000 11.60
074 V020000 0.00
074 W000000 0.0000
074 X000000 17
074 Y000000 0
<PAGE> PAGE 9
075 A000000 0
075 B000000 31007
076 000000 0.00
077 A000000 N
080 A000000 FEDERAL INSURANCE COMPANY
080 C000000 6925
081 A000000 Y
081 B000000 16
082 A000000 Y
082 B000000 25
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
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086 A020000 0
086 B010000 0
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SIGNATURE PETER CORNIOTES
TITLE ASSISTANT SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The Schedule contains summary financial information extracted from semi-
annual financial statements dated June 30, 1997 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 28,011,715
<INVESTMENTS-AT-VALUE> 30,370,968
<RECEIVABLES> 567,779
<ASSETS-OTHER> 2,227,619
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33,166,366
<PAYABLE-FOR-SECURITIES> 936,026
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 118,942
<TOTAL-LIABILITIES> 1,054,968
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,797,497
<SHARES-COMMON-STOCK> 2,768,608
<SHARES-COMMON-PRIOR> 2,144,069
<ACCUMULATED-NII-CURRENT> 137,919
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 817,851
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,358,131
<NET-ASSETS> 32,111,398
<DIVIDEND-INCOME> 327,368
<INTEREST-INCOME> 68,691
<OTHER-INCOME> (30,416)
<EXPENSES-NET> 241,813
<NET-INVESTMENT-INCOME> 123,830
<REALIZED-GAINS-CURRENT> 1,451,315
<APPREC-INCREASE-CURRENT> 1,940,850
<NET-CHANGE-FROM-OPS> 3,515,995
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,954,213
<NUMBER-OF-SHARES-REDEEMED> (1,329,674)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 6,917,413
<ACCUMULATED-NII-PRIOR> 84,992
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (419,374)
<GROSS-ADVISORY-FEES> 115,605
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 241,813
<AVERAGE-NET-ASSETS> 27,434,268
<PER-SHARE-NAV-BEGIN> 10.11
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 1.45
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.60
<EXPENSE-RATIO> 1.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
