<PAGE> PAGE 1
000 A000000 06/30/96
000 C000000 0000059560
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 INCOME FUND, INC.
001 B000000 811-2264
001 C000000 2194553142
002 A000000 200 EAST BERRY STREET
002 B000000 FORT WAYNE
002 C000000 IN
002 D010000 46802
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 46802
010 A000001 LINCOLN INVESTMENT MANAGEMENT INC.
010 B000001 801-5098
010 C010001 FORT WAYNE
010 C020001 IN
010 C030001 46802
012 A000001 BOSTON EQUISERVE
012 B000001 85-10813
012 C010001 BOSTON
012 C020001 MA
012 C030001 02102
012 C040001 0644
013 A000001 COOPERS & LYBRAND L.L.P.
013 B010001 FORT WAYNE
<PAGE> PAGE 2
013 B020001 IN
013 B030001 46802
015 A000001 BANKERS TRUST INC.
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 20001
015 E010001 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 MERRILL LYNCH,PIERCE,FENNER & SMITH,INC
020 B000001 13-5659485
020 C000001 2
020 A000002 SMITH BARNEY SHEARSON
020 B000002 22-2347336
020 C000002 3
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 5
022 A000001 J.P MORGAN SECURITIES, INC.
022 B000001 13-3224016
022 C000001 25694
022 D000001 0
022 A000002 GOLDMAN SACHS & CO.
022 B000002 13-5108880
022 C000002 24014
022 D000002 0
022 A000003 ASSOCIATED CORPORATION OF NORTH AMERICA, INC.
022 B000003 74-1494584
022 C000003 20000
022 D000003 0
022 A000004 GECC CAPITAL MARKETS GROUP
022 C000004 10694
022 D000004 0
022 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000005 13-5674085
022 C000005 8694
022 D000005 936
022 A000006 FIRST BOSTON CORPORATION
022 B000006 13-5659485
022 C000006 4699
022 D000006 0
022 A000007 LEHMAN BROTHERS
022 B000007 13-2518566
<PAGE> PAGE 3
022 C000007 3009
022 D000007 726
022 A000008 UBS SECURITIES LLC
022 C000008 3321
022 D000008 0
022 A000009 SALOMON BROTHERS, INC.
022 B000009 13-3082694
022 C000009 1931
022 D000009 482
022 A000010 PAINE WEBBER, INC.
022 B000010 13-2638166
022 C000010 542
022 D000010 1255
023 C000000 106655
023 D000000 7992
024 000000 Y
025 A000001 LEHMAN BROTHERS HOLDING INC.
025 C000001 D
025 D000001 507
025 A000002 GOLDMAN SACHS GROUP
025 C000002 D
025 D000002 506
025 A000003 SALOMON INC.
025 C000003 D
025 D000003 500
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 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
<PAGE> PAGE 4
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
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 N
048 000000 0.000
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
<PAGE> PAGE 5
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 Y
051 000000 N
052 000000 N
053 A000000 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 N
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 Y
060 B000000 Y
061 000000 0
062 A000000 Y
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
<PAGE> PAGE 6
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 6.3
062 O000000 0.0
062 P000000 90.2
062 Q000000 0.0
062 R000000 3.5
063 A000000 0
063 B000000 10.1
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 N
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
<PAGE> PAGE 7
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 17603
071 B000000 16647
071 C000000 134639
071 D000000 12
072 A000000 6
072 B000000 5587
072 C000000 51
072 D000000 0
072 E000000 0
072 F000000 571
072 G000000 0
072 H000000 0
072 I000000 0
072 J000000 14
072 K000000 17
072 L000000 4
072 M000000 40
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 28
072 S000000 2
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 70
072 X000000 746
072 Y000000 0
072 Z000000 4893
072AA000000 2231
072BB000000 415
072CC010000 0
072CC020000 7189
072DD010000 2981
072DD020000 0
072EE000000 0
073 A010000 0.2800
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 774
074 B000000 0
074 C000000 0
074 D000000 129091
074 E000000 1495
074 F000000 0
074 G000000 0
<PAGE> PAGE 8
074 H000000 0
074 I000000 50
074 J000000 502
074 K000000 0
074 L000000 2684
074 M000000 8
074 N000000 134604
074 O000000 500
074 P000000 289
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 114
074 S000000 40000
074 T000000 93701
074 U010000 6832195
074 U020000 0
074 V010000 13.71
074 V020000 0.00
074 W000000 0.0000
074 X000000 2725
074 Y000000 0
075 A000000 0
075 B000000 134639
076 000000 13.00
077 A000000 N
078 000000 N
080 A000000 FIDELITY AND DEPOSIT COMPANY OF MARYLAND
080 C000000 12200
081 A000000 Y
081 B000000 14
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
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
<PAGE> PAGE 9
086 F020000 0
087 A010000 COMMON STOCK
087 A020000 534217104
087 A030000 LND
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 Y
SIGNATURE DAVID G. HUMES
TITLE VP & CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000059560
<NAME> LINCOLN NATIONAL INCOME FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 127,213,515
<INVESTMENTS-AT-VALUE> 130,635,535
<RECEIVABLES> 3,185,937
<ASSETS-OTHER> 774,114
<OTHER-ITEMS-ASSETS> 8,820
<TOTAL-ASSETS> 134,604,406
<PAYABLE-FOR-SECURITIES> 995,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 785,558
<TOTAL-LIABILITIES> 1,780,558
<SENIOR-EQUITY> 40,000,000
<PAID-IN-CAPITAL-COMMON> 73,101,180
<SHARES-COMMON-STOCK> 6,832,195
<SHARES-COMMON-PRIOR> 6,832,195
<ACCUMULATED-NII-CURRENT> 2,039,678
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,306,534
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,422,020
<NET-ASSETS> 133,701,607
<DIVIDEND-INCOME> 51,187
<INTEREST-INCOME> 5,587,128
<OTHER-INCOME> 0
<EXPENSES-NET> 745,556
<NET-INVESTMENT-INCOME> 4,892,759
<REALIZED-GAINS-CURRENT> 1,815,846
<APPREC-INCREASE-CURRENT> (7,189,125)
<NET-CHANGE-FROM-OPS> (480,520)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,981,331)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (3,461,851)
<ACCUMULATED-NII-PRIOR> 1,963,248
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 571,428
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 745,556
<AVERAGE-NET-ASSETS> 134,639,000
<PER-SHARE-NAV-BEGIN> 14.22
<PER-SHARE-NII> .72
<PER-SHARE-GAIN-APPREC> (.79)
<PER-SHARE-DIVIDEND> (.44)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.71
<EXPENSE-RATIO> .55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
