<PAGE> PAGE 1
000 B000000 12/31/1999
000 C000000 0000059560
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 U
001 A000000 LINCOLN NATIONAL INCOME FUND, INC.
001 B000000 811-2264
001 C000000 2194553628
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
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 DELAWARE SERVICES GROUP, INC.
010 B000001 801-0000
010 C010001 PHILADELPHIA
010 C020001 PA
010 C030001 19103
012 A000001 EQUISERVE - FIRST CHICAGO DIVISION
012 B000001 84-000000
012 C010001 JERSEY CITY
012 C020001 NJ
012 C030001 07303
012 C040001 2500
013 A000001 PRICEWATERHOUSECOOPERS L.L.P.
013 B010001 PHILADELPHIA
013 B020001 PA
013 B030001 19103
015 A000001 BANKERS TRUST, INC.
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10001
015 E010001 X
018 000000 Y
019 A000000 N
<PAGE> PAGE 2
019 B000000 0
021 000000 0
022 A000001 ASSOCIATION OF NORTH AMERICAN
022 C000001 57300
022 D000001 0
022 A000002 G.E. CREDIT CORP
022 B000002 06-1362678
022 C000002 47694
022 D000002 0
022 A000003 GOLDMAN SACHS
022 B000003 13-5108880
022 C000003 46890
022 D000003 0
022 A000004 MERRILL LYNCH PIERCE
022 B000004 13-5674085
022 C000004 27433
022 D000004 0
022 A000005 CAPITAL MARKETS
022 C000005 22900
022 D000005 1497
022 A000006 CHASE SECURITIES
022 B000006 13-3224078
022 C000006 17292
022 D000006 0
022 A000007 CHASE MANHATTAN
022 C000007 12700
022 D000007 0
022 A000008 J.P. MORGAN
022 B000008 13-3224016
022 C000008 10299
022 D000008 0
022 A000009 BANC ONE
022 C000009 9086
022 D000009 0
022 A000010 LEHMAN BROTHERS
022 B000010 13-2518466
022 C000010 8825
022 D000010 0
023 C000000 305372
023 D000000 6296
024 000000 Y
025 A000001 BANC ONE
025 C000001 D
025 D000001 1152
025 A000002 GOLDMAN SACHS
025 B000002 13-5108880
025 C000002 D
025 D000002 486
025 A000003 LEHMAN BROTHERS
025 B000003 13-2518466
025 C000003 D
<PAGE> PAGE 3
025 D000003 501
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
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
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
<PAGE> PAGE 4
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 3.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 4.1
062 O000000 0.0
062 P000000 90.0
062 Q000000 0.0
062 R000000 2.9
063 A000000 0
063 B000000 10.2
064 A000000 N
064 B000000 Y
065 000000 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
<PAGE> PAGE 5
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
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 14841
071 B000000 11180
071 C000000 131199
071 D000000 10
072 A000000 12
072 B000000 10253
072 C000000 138
072 D000000 0
072 E000000 0
072 F000000 1119
072 G000000 0
072 H000000 0
072 I000000 19
072 J000000 9
072 K000000 0
072 L000000 21
072 M000000 81
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 60
072 S000000 14
<PAGE> PAGE 6
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 156
072 X000000 1479
072 Y000000 11
072 Z000000 8923
072AA000000 215
072BB000000 0
072CC010000 0
072CC020000 8715
072DD010000 7030
072DD020000 1980
072EE000000 68
073 A010000 0.9900
073 A020000 0.2800
073 B000000 0.0100
073 C000000 0.0000
074 A000000 173
074 B000000 0
074 C000000 3800
074 D000000 119146
074 E000000 0
074 F000000 3618
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 2184
074 M000000 0
074 N000000 128921
074 O000000 53
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 2299
074 S000000 0
074 T000000 126569
074 U010000 7115
074 U020000 0
074 V010000 12.17
074 V020000 0.00
074 W000000 0.0000
074 X000000 0
074 Y000000 0
075 A000000 0
075 B000000 131200
076 000000 9.69
<PAGE> PAGE 7
077 A000000 Y
077 B000000 Y
077 Q010000 Y
080 A000000 MARSH, INC.
080 C000000 14225
081 A000000 Y
081 B000000 13
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
087 A010000 COMMON STOCK
087 A020000 534217104
087 A030000 LND
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 Y
SIGNATURE KENNETH E. CROCKETT, SR.
TITLE BLUE SKY ADMIN.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000059560
<NAME> LINCOLN NATIONAL INCOME FUND, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 130,466,485
<INVESTMENTS-AT-VALUE> 126,563,785
<RECEIVABLES> 2,183,899
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 171,071
<TOTAL-ASSETS> 128,918,755
<PAYABLE-FOR-SECURITIES> 52,800
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,296,578
<TOTAL-LIABILITIES> 2,349,378
<SENIOR-EQUITY> 40,000,000
<PAID-IN-CAPITAL-COMMON> 90,358,856
<SHARES-COMMON-STOCK> 7,114,831
<SHARES-COMMON-PRIOR> 7,032,569
<ACCUMULATED-NII-CURRENT> (87,456)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 200,677
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,902,700)
<NET-ASSETS> 126,569,377
<DIVIDEND-INCOME> 137,646
<INTEREST-INCOME> 10,252,665
<OTHER-INCOME> 0
<EXPENSES-NET> 1,467,526
<NET-INVESTMENT-INCOME> 8,922,785
<REALIZED-GAINS-CURRENT> 214,842
<APPREC-INCREASE-CURRENT> (8,714,775)
<NET-CHANGE-FROM-OPS> 422,852
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,010,241
<DISTRIBUTIONS-OF-GAINS> 67,760
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 29,329
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 52,933
<NET-CHANGE-IN-ASSETS> (7,565,650)
<ACCUMULATED-NII-PRIOR> (118,406)
<ACCUMULATED-GAINS-PRIOR> 170,365
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,119,388
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,478,989
<AVERAGE-NET-ASSETS> 91,199,521
<PER-SHARE-NAV-BEGIN> 13.390
<PER-SHARE-NII> 1.260
<PER-SHARE-GAIN-APPREC> (1.200)
<PER-SHARE-DIVIDEND> 1.270
<PER-SHARE-DISTRIBUTIONS> 0.010
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.170
<EXPENSE-RATIO> 1.120
</TABLE>
Report of Independent Accountants
To the Board of Directors of
Lincoln National Income Fund, Inc.
In planning and performing our audit of the financial
statements of Lincoln National Income Fund, Inc. for the year
ended December 31 1999, we considered its 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 Company 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 controls may become inadequate because of changes
in conditions or that the effectiveness of their 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
of the internal control components does not reduce to a
relatively low level the risk that misstatements caused by
error 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 as of
December 31, 1999.
This report is intended solely for the information and use of
the Board of Directors, management and the Securities and
Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.
PRICEWATERHOUSECOOPERS LLP
Philadelphia, PA
February 22, 2000
