<PAGE> PAGE 1
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000 C000000 0000059566
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000 J000000 A
001 A000000 LINCOLN NATIONAL VARIABLE ANNUITY FUND A
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002 A000000 1300 SOUTH CLINTON STREET
002 B000000 FORT WAYNE
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008 B000001 A
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008 B000002 S
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008 D020002 IN
008 D030002 10111
011 A000001 THE LINCOLN NATIONAL LIFE INSURANCE CO. INC.
011 B000001 8-13034
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013 A000001 ERNST & YOUNG
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<PAGE> PAGE 2
013 B020001 IN
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014 A000001 LINCOLN FINANCIAL ADVISORS
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014 A000002 LYNCH & MAYER SECURITIES CORP.
014 B000002 8-114362
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014 B000003 8-13034
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<PAGE> PAGE 3
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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
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE ERIC JONES
TITLE DIR. MUTUAL FUND
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000059566
<NAME> LINCOLN NATIONAL VARIABLE ANNUITY FUND A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 78,612,415
<INVESTMENTS-AT-VALUE> 130,314,062
<RECEIVABLES> 0
<ASSETS-OTHER> 1,144,001
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 131,458,063
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> (153,292,578)
<SHARES-COMMON-STOCK> 8,322,820
<SHARES-COMMON-PRIOR> 9,162,402
<ACCUMULATED-NII-CURRENT> 73,282,387
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 161,684,979
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 49,783,275
<NET-ASSETS> 131,458,063
<DIVIDEND-INCOME> 2,455,559
<INTEREST-INCOME> 48,577
<OTHER-INCOME> 0
<EXPENSES-NET> (1,558,501)
<NET-INVESTMENT-INCOME> 945,635
<REALIZED-GAINS-CURRENT> 15,561,276
<APPREC-INCREASE-CURRENT> 17,892,073
<NET-CHANGE-FROM-OPS> 34,398,984
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 152,590
<NUMBER-OF-SHARES-REDEEMED> (992,172)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 22,553,213
<ACCUMULATED-NII-PRIOR> 72,336,752
<ACCUMULATED-GAINS-PRIOR> 146,123,703
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 394,625
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,558,501
<AVERAGE-NET-ASSETS> 122,307,043
<PER-SHARE-NAV-BEGIN> 11.737
<PER-SHARE-NII> 0.108
<PER-SHARE-GAIN-APPREC> 3.755
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.600
<EXPENSE-RATIO> 1.27
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT AUDITORS
Board of Managers
Lincoln National Variable Annuity Fund A
In planning and performing our audit of the financial statements of Lincoln
National Variable Annuity Fund A (the "Fund") for the year ended December 31,
1997, 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, and not to provide assurance on the
internal control.
The management of the Fund 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 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 the 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 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 operations, including controls for
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 1997.
This report is intended solely for the information and use of the board of
directors and management of the Fund and the Securities and Exchange
Commission.
Ernst & Young LLP
February 13, 1998
