<PAGE> PAGE 1
000 A000000 06/30/96
000 C000000 0000945228
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 CROSBY SMALL CAP ASIA GROWTH FUND
001 B000000 811-7287
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
008 A000002 CROSBY ASSET MANAGEMENT (US) INC.
008 B000002 S
008 C000002 801-38070
008 D010002 WAN CHAI
008 D050002 HONG KONG
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
<PAGE> PAGE 2
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
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
014 A000002 CROSBY SECURITIES, INC.
014 B000002 8-44854
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
020 B000001 13-5674085
020 C000001 55
020 A000002 CROSBY SECURITIES
020 B000002 13-3431728
020 C000002 43
020 A000003 PEREGRINE LIMITED
020 C000003 19
020 A000004 UBS SECURITIES
020 B000004 13-2932996
020 C000004 14
020 A000005 JAMES CAPEL
020 B000005 52-1348224
020 C000005 9
020 A000006 W.I. CARR
020 B000006 13-2927466
020 C000006 8
020 A000007 M & A SECURITIES
020 C000007 7
020 A000008 WHEELOCK NAT
020 C000008 6
020 A000009 HLG SECURITIES
020 C000009 6
020 A000010 KIM ENG SECURITIES
020 B000010 13-3589747
020 C000010 4
<PAGE> PAGE 3
021 000000 171
022 A000001 CREDIT LYONNAIS SECURITIES
022 C000001 785
022 D000001 412
022 A000002 CROSBY SECURITIES
022 B000002 13-3431728
022 C000002 511
022 D000002 0
022 A000003 CHASE MANHATTAN BANK
022 C000003 208
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 1504
023 D000000 412
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
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 2528
028 A020000 0
028 A030000 0
028 A040000 195
028 B010000 1198
<PAGE> PAGE 4
028 B020000 0
028 B030000 0
028 B040000 893
028 C010000 2112
028 C020000 0
028 C030000 0
028 C040000 1733
028 D010000 1524
028 D020000 0
028 D030000 0
028 D040000 1411
028 E010000 5182
028 E020000 0
028 E030000 0
028 E040000 729
028 F010000 2680
028 F020000 0
028 F030000 0
028 F040000 332
028 G010000 15224
028 G020000 0
028 G030000 0
028 G040000 5293
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 Y
<PAGE> PAGE 5
047 000000 Y
048 000000 1.250
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
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
054 B000000 N
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
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
<PAGE> PAGE 6
060 B000000 Y
061 000000 1000
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 D000000 Y
067 000000 N
068 A000000 N
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
<PAGE> PAGE 7
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 20464
071 B000000 10369
071 C000000 13116
071 D000000 159
072 A000000 6
072 B000000 26
072 C000000 127
072 D000000 0
072 E000000 0
072 F000000 85
072 G000000 0
072 H000000 11
072 I000000 9
072 J000000 26
072 K000000 0
072 L000000 34
072 M000000 8
072 N000000 12
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 5
072 S000000 2
072 T000000 0
072 U000000 7
072 V000000 0
072 W000000 10
072 X000000 209
072 Y000000 37
072 Z000000 -19
072AA000000 594
072BB000000 0
072CC010000 915
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
<PAGE> PAGE 8
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 3646
074 B000000 0
074 C000000 0
074 D000000 0
074 E000000 0
074 F000000 18845
074 G000000 0
074 H000000 0
074 I000000 165
074 J000000 684
074 K000000 0
074 L000000 212
074 M000000 65
074 N000000 23617
074 O000000 3124
074 P000000 20
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 116
074 S000000 0
074 T000000 20357
074 U010000 1811
074 U020000 0
074 V010000 11.24
074 V020000 0.00
074 W000000 0.0000
074 X000000 252
074 Y000000 0
075 A000000 0
075 B000000 13704
076 000000 0.00
077 A000000 N
080 A000000 FEDERAL INSURANCE COMPANY
080 C000000 6450
081 A000000 Y
081 B000000 14
082 A000000 Y
082 B000000 25
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
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, 1996 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 17,965,901
<INVESTMENTS-AT-VALUE> 19,009,928
<RECEIVABLES> 897,227
<ASSETS-OTHER> 3,710,266
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,617,421
<PAYABLE-FOR-SECURITIES> 3,124,211
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 136,149
<TOTAL-LIABILITIES> 3,260,360
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,962,932
<SHARES-COMMON-STOCK> 1,811,415
<SHARES-COMMON-PRIOR> 915,788
<ACCUMULATED-NII-CURRENT> (20,681)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 369,945
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,044,865
<NET-ASSETS> 20,357,061
<DIVIDEND-INCOME> 135,333
<INTEREST-INCOME> 26,234
<OTHER-INCOME> (8,437)
<EXPENSES-NET> 171,942
<NET-INVESTMENT-INCOME> (18,812)
<REALIZED-GAINS-CURRENT> 594,417
<APPREC-INCREASE-CURRENT> 915,163
<NET-CHANGE-FROM-OPS> 1,490,768
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,374,080
<NUMBER-OF-SHARES-REDEEMED> (478,453)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9,930,329
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (224,473)
<OVERDISTRIB-NII-PRIOR> (1,869)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 84,975
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 208,659
<AVERAGE-NET-ASSETS> 13,703,917
<PER-SHARE-NAV-BEGIN> 9.76
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> 1.49
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.24
<EXPENSE-RATIO> 2.53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
