<PAGE> PAGE 1
000 A000000 06/30/95
000 C000000 0000355933
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 LINCOLN NATIONAL SPECIAL OPPORTUNIES FUND INC
001 B000000 811-3291
001 C000000 2194556536
002 A000000 1300 SOUTH CLINTON STREET
002 B000000 FORT WAYNE
002 C000000 IN
002 D010000 46801
003 000000 N
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 LINCOLN INVESTMENT MANAGEMENT INC
008 B000001 A
008 C000001 801-5098
008 D010001 FORT WAYNE
008 D020001 IN
008 D030001 46801
008 A000002 VANTAGE GLOBAL ADVISOR INC
008 B000002 S
008 C000002 801-15202
008 D010002 NEW YORK
008 D020002 NY
008 D030002 10111
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
013 B010001 FORT WAYNE
<PAGE> PAGE 2
013 B020001 IN
013 B030001 46802
014 A000001 LNC EQUITY SALES
014 B000001 8-14685
014 A000002 LYNCH & MAYER SECURITIES CORP
014 B000002 8-114362
014 A000003 THE LINCOLN NATIONAL LIFE INSURANCE CO. INC
014 B000003 8-13034
015 A000001 BANKERS TRUST COMPANY OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10015
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 11
019 C000000 VAACCOUNTC
020 A000001 INVESTMENT TECH GROUP
020 B000001 95-4339369
020 C000001 258
020 A000002 SMITH BARNEY SHEARSON
020 B000002 13-1912900
020 C000002 121
020 A000003 UST SECURITIES
020 C000003 89
020 A000004 FOX-PITT KELTON
020 C000004 34
020 A000005 INSTINET
020 B000005 13-3443395
020 C000005 32
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 534
022 A000001 DIRECT WITH COMPANY
022 C000001 30763
022 D000001 0
022 A000002 MERRILL LYNCH
022 B000002 13-5674085
022 C000002 15381
022 D000002 0
022 A000003 GECC CAPITAL MARKETS
022 C000003 380
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
<PAGE> PAGE 3
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 46524
023 D000000 0
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 3062
028 A020000 0
028 A030000 0
028 A040000 3847
028 B010000 13483
028 B020000 22445
028 B030000 0
028 B040000 4529
028 C010000 7552
028 C020000 0
028 C030000 0
028 C040000 821
028 D010000 6806
028 D020000 0
028 D030000 0
028 D040000 185
028 E010000 5896
028 E020000 0
028 E030000 0
028 E040000 1082
<PAGE> PAGE 4
028 F010000 4630
028 F020000 0
028 F030000 0
028 F040000 691
028 G010000 41429
028 G020000 22445
028 G030000 0
028 G040000 11155
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 Y
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 N
047 000000 Y
048 000000 0.000
048 A010000 200000
048 A020000 0.480
048 B010000 200000
048 B020000 0.400
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
<PAGE> PAGE 5
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 400000
048 K020000 0.300
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 25
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
<PAGE> PAGE 6
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 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 Y
070 C010000 Y
070 C020000 N
070 D010000 Y
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 Y
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 N
<PAGE> PAGE 7
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 194864
071 B000000 163944
071 C000000 350199
071 D000000 47
072 A000000 6
072 B000000 677
072 C000000 4825
072 D000000 0
072 E000000 0
072 F000000 811
072 G000000 0
072 H000000 0
072 I000000 0
072 J000000 0
072 K000000 0
072 L000000 0
072 M000000 2
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 0
072 S000000 0
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 39
072 X000000 852
072 Y000000 0
072 Z000000 4650
072AA000000 21342
072BB000000 7797
072CC010000 47328
072CC020000 0
072DD010000 4650
072DD020000 0
072EE000000 15005
073 A010000 0.2960
073 A020000 0.0000
073 B000000 0.9550
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 29161
074 D000000 0
074 E000000 0
<PAGE> PAGE 8
074 F000000 395429
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 184
074 K000000 0
074 L000000 1048
074 M000000 0
074 N000000 425822
074 O000000 919
074 P000000 517
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 2586
074 R040000 4796
074 S000000 0
074 T000000 417004
074 U010000 16662
074 U020000 0
074 V010000 25.07
074 V020000 0.00
074 W000000 0.0000
074 X000000 4
074 Y000000 0
075 A000000 0
075 B000000 365739
076 000000 0.00
077 A000000 N
078 000000 N
080 C000000 0
081 B000000 0
082 B000000 0
083 B000000 0
084 B000000 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE MICHAEL STRATTON
TITLE ACCOUNT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000355933
<NAME> SPECIAL OPPORTUN. FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 373735
<INVESTMENTS-AT-VALUE> 424590
<RECEIVABLES> 1232
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 425822
<PAYABLE-FOR-SECURITIES> 919
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7899
<TOTAL-LIABILITIES> 8818
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 352767
<SHARES-COMMON-STOCK> 16662
<SHARES-COMMON-PRIOR> 14366
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13545
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 50692
<NET-ASSETS> 417004
<DIVIDEND-INCOME> 4825
<INTEREST-INCOME> 677
<OTHER-INCOME> 0
<EXPENSES-NET> 852
<NET-INVESTMENT-INCOME> 4650
<REALIZED-GAINS-CURRENT> 13545
<APPREC-INCREASE-CURRENT> 47328
<NET-CHANGE-FROM-OPS> 65523
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4650
<DISTRIBUTIONS-OF-GAINS> 15005
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1782
<NUMBER-OF-SHARES-REDEEMED> 490
<SHARES-REINVESTED> 1003
<NET-CHANGE-IN-ASSETS> 98587
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 15005
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 811
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 852
<AVERAGE-NET-ASSETS> 365739
<PER-SHARE-NAV-BEGIN> 22.164
<PER-SHARE-NII> .296
<PER-SHARE-GAIN-APPREC> 3.818
<PER-SHARE-DIVIDEND> .296
<PER-SHARE-DISTRIBUTIONS> .955
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 25.027
<EXPENSE-RATIO> .23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
