<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 0000353872
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001 A000000 LINCOLN NATIONAL MONEY MARKET FUND INC.
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002 A000000 1300 SOUTH CLINTON STREET
002 B000000 FORT WAYNE
002 C000000 IN
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008 A000001 LINCOLN INVESTMENT MANAGEMENT INC.
008 B000001 A
008 C000001 801-5098
008 D010001 FORT WAYNE
008 D020001 IN
008 D030001 46801
011 A000001 THE LINCOLN NATIONAL LIFE INSURANCE CO. INC.
011 B000001 8-13034
011 C010001 FORT WAYNE
011 C020001 IN
011 C030001 46801
013 A000001 ERNST & YOUNG
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013 B020001 IN
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014 A000001 LINCOLN FINANCIAL ADVISORS
014 B000001 8-14685
014 A000002 LYNCH & MAYER SECURITIES CORP.
014 B000002 8-114362
<PAGE> PAGE 2
014 A000003 THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
014 B000003 8-13034
014 A000004 DELAWARE DISTRIBUTORS LP
014 B000004 8-29755
015 A000001 BANKERS TRUST COMPANY OF NEW YORK
015 B000001 C
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<PAGE> PAGE 3
022 C000007 33614
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022 B000008 06-1362678
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022 B000009 22-2347336
022 C000009 19322
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022 A000010 SUNTRUST CAPITAL MARKETS
022 B000010 58-2109565
022 C000010 13325
022 D000010 0
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
070 N010000 Y
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<PAGE> PAGE 8
074 A000000 74
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SIGNATURE ERIC JONES
TITLE DIR. MUTUAL FUND
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000353872
<NAME> LINCOLN NATIONAL MONEY MARKET FUND INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 89,009,116
<INVESTMENTS-AT-VALUE> 89,009,116
<RECEIVABLES> 197,575
<ASSETS-OTHER> 74,337
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 89,281,028
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 54,396
<TOTAL-LIABILITIES> 54,396
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 89,226,632
<SHARES-COMMON-STOCK> 8,922,663
<SHARES-COMMON-PRIOR> 9,035,761
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 89,226,632
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,264,962
<OTHER-INCOME> 0
<EXPENSES-NET> (555,624)
<NET-INVESTMENT-INCOME> 4,709,338
<REALIZED-GAINS-CURRENT> (105)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,709,233
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,709,233)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,205,818
<NUMBER-OF-SHARES-REDEEMED> (8,227,968)
<SHARES-REINVESTED> 909,052
<NET-CHANGE-IN-ASSETS> (1,130,976)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 451,243
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 555,624
<AVERAGE-NET-ASSETS> 94,002,451
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.501
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.501)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.000
<EXPENSE-RATIO> 0.59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT AUDITORS
TO THE SHAREHOLDER AND BOARD OF DIRECTORS OF LINCOLN NATIONAL AGGRESSIVE
GROWTH FUND, INC., LINCOLN NATIONAL BOND FUND, INC., LINCOLN NATIONAL CAPITAL
APPRECIATION FUND, INC., LINCOLN NATIONAL EQUITY-INCOME FUND, INC., LINCOLN
NATIONAL GLOBAL ASSET ALLOCATION FUND, INC., LINCOLN NATIONAL GROWTH AND
INCOME FUND, INC., LINCOLN NATIONAL INTERNATIONAL FUND, INC., LINCOLN NATIONAL
MANAGED FUND, INC., LINCOLN NATIONAL MONEY MARKET FUND, INC., LINCOLN NATIONAL
SOCIAL AWARENESS FUND, INC., AND LINCOLN NATIONAL SPECIAL OPPORTUNITIES FUND,
INC. (THE "FUNDS")
In planning and performing our audits of the financial statements of the Funds
for the year ended December 31, 1997, we considered their internal control,
including control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR,
not to provide assurance on internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control
to future periods is subject to the risk that it may become inadequate because
of changes in conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or
more specific internal control components does not reduce to a relatively low
level the risk that errors or fraud in amounts that would be material in
relation to the financial statements being audited may occur and not be
detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above at
December 31, 1997.
This report is intended solely for the information and use of the board of
directors and management of the Funds and the Securities and Exchange
Commission.
Ernst & Young LLP
Philadelphia, Pennsylvania
February 4, 1998
