<PAGE> PAGE 1
000 A000000 06/30/1999
000 C000000 0000715974
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 LINCOLN NATIONAL MANAGED FUND INC.
001 B000000 811-3683
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
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 ADVISORS
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
013 B020001 IN
013 B030001 46802
014 A000001 LINCOLN FINANCIAL ADVISORS
014 B000001 8-14685
014 A000002 LYNCH & MAYER SECURITIES CORP.
014 B000002 8-114362
014 A000003 DELAWARE DISTRIBUTORS LP
014 B000003 8-29755
014 A000004 THE LINCOLN NATIONAL LIFE INSURANCE CO. INC.
014 B000004 8-13034
<PAGE> PAGE 2
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 CORP.
020 B000001 95-3282828
020 C000001 70
020 A000002 KGB SECURITIES
020 B000002 N/A
020 C000002 35
020 A000003 DONALDSON LUFKIN
020 B000003 13-2741729
020 C000003 23
020 A000004 MEDFORD FINANCIAL
020 B000004 22-3375307
020 C000004 21
020 A000005 WEEDON & CO.
020 B000005 13-3185209
020 C000005 20
020 A000006 OPPENHEIMER & CO.
020 B000006 N/A
020 C000006 17
020 A000007 FOX-PITT
020 B000007 N/A
020 C000007 13
020 A000008 AUSTRANET
020 B000008 N/A
020 C000008 11
020 A000009 INSTINET
020 B000009 13-3443395
020 C000009 11
020 A000010 CANTOR & FITZGERALD
020 B000010 13-3680184
020 C000010 11
021 000000 277
022 A000001 CITBANK
022 B000001 N/A
022 C000001 134500
022 D000001 0
022 A000002 CHASE SECURITIES
022 B000002 13-3224078
022 C000002 86909
022 D000002 8896
022 A000003 MERRILL LYNCH
022 B000003 13-5674085
<PAGE> PAGE 3
022 C000003 51977
022 D000003 35114
022 A000004 SMITH BARNEY
022 B000004 13-1912900
022 C000004 33309
022 D000004 5131
022 A000005 G.E. CREDIT CORP.
022 B000005 06-1362678
022 C000005 37433
022 D000005 0
022 A000006 CHASE MANHATTAN BANK
022 B000006 N/A
022 C000006 19400
022 D000006 1000
022 A000007 LEHMAN BROTHERS
022 B000007 13-2518464
022 C000007 20349
022 D000007 1799
022 A000008 NORWEST
022 B000008 N/A
022 C000008 18664
022 D000008 0
022 A000009 GOLDMAN SACHS
022 B000009 13-3224016
022 C000009 14150
022 D000009 2546
022 A000010 FIRST BOSTON CORPORATION
022 B000010 13-5108800
022 C000010 9824
022 D000010 1420
023 C000000 524596
023 D000000 70918
024 000000 Y
025 A000001 LEHMAN BROTHERS
025 B000001 13-2518466
025 C000001 D
025 D000001 1045
025 A000002 MERRILL LYNCH
025 B000002 13-5674085
025 C000002 E
025 D000002 1151
025 A000003 JP MORGAN
025 B000003 13-3224016
025 C000003 E
025 D000003 3681
025 A000004 PAINE WEBBER
025 B000004 13-2638166
025 C000004 E
025 D000004 4984
025 A000005 SALMAN/SMITH BARNEY
025 B000005 13-3082694
<PAGE> PAGE 4
025 C000005 D
025 D000005 4029
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 1438
028 A020000 0
028 A030000 0
028 A040000 4544
028 B010000 1713
028 B020000 0
028 B030000 0
028 B040000 2481
028 C010000 1752
028 C020000 0
028 C030000 0
028 C040000 5195
028 D010000 980
028 D020000 0
028 D030000 0
028 D040000 18127
028 E010000 716
028 E020000 49523
028 E030000 0
028 E040000 9703
028 F010000 964
028 F020000 0
028 F030000 0
028 F040000 6594
028 G010000 7563
028 G020000 49523
028 G030000 0
028 G040000 46644
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
034 000000 N
035 000000 0
036 B000000 0
<PAGE> PAGE 5
037 000000 N
038 000000 0
039 000000 Y
040 000000 N
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
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 N
054 A000000 Y
054 B000000 N
054 C000000 N
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
<PAGE> PAGE 6
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
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
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
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 Y
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 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
<PAGE> PAGE 7
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 N
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 146923
071 B000000 170502
071 C000000 920908
071 D000000 16
072 A000000 6
072 B000000 13527
072 C000000 3693
072 D000000 0
072 E000000 0
072 F000000 1695
072 G000000 193
072 H000000 0
072 I000000 0
072 J000000 20
072 K000000 0
072 L000000 54
072 M000000 2
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 0
072 S000000 23
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 10
072 X000000 1997
072 Y000000 3
<PAGE> PAGE 8
072 Z000000 15226
072AA000000 26808
072BB000000 0
072CC010000 0
072CC020000 8016
072DD010000 5001
072DD020000 0
072EE000000 44522
073 A010000 0.1010
073 A020000 0.0000
073 B000000 0.8970
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 29087
074 D000000 362510
074 E000000 0
074 F000000 564733
074 G000000 0
074 H000000 0
074 I000000 2134
074 J000000 0
074 K000000 0
074 L000000 6226
074 M000000 0
074 N000000 964690
074 O000000 3314
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 953
074 S000000 0
074 T000000 960423
074 U010000 51514
074 U020000 0
074 V010000 18.64
074 V020000 0.00
074 W000000 0.0000
074 X000000 3
074 Y000000 0
075 A000000 0
075 B000000 952801
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 Q010000 Y
080 A000000 FIDELITY & DEPOSIT INS. CO. OF MARYLAND
080 C000000 26200
081 A000000 Y
<PAGE> PAGE 9
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
SIGNATURE RHONDA LANTZ
TITLE ASST. VP
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000715974
<NAME> LINCOLN NATIONAL MANAGED FUND INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 760,640,523
<INVESTMENTS-AT-VALUE> 956,328,932
<RECEIVABLES> 8,361,481
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 964,690,413
<PAYABLE-FOR-SECURITIES> 3,314,275
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 952,981
<TOTAL-LIABILITIES> 4,267,256
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 722,392,444
<SHARES-COMMON-STOCK> 51,514,263
<SHARES-COMMON-PRIOR> 50,892,536
<ACCUMULATED-NII-CURRENT> 15,225,583
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26,573,696
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 196,231,434
<NET-ASSETS> 960,423,157
<DIVIDEND-INCOME> 3,692,835
<INTEREST-INCOME> 13,527,086
<OTHER-INCOME> 0
<EXPENSES-NET> 1,994,338
<NET-INVESTMENT-INCOME> 15,225,583
<REALIZED-GAINS-CURRENT> 26,807,959
<APPREC-INCREASE-CURRENT> (8,015,652)
<NET-CHANGE-FROM-OPS> 34,017,890
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,000,529
<DISTRIBUTIONS-OF-GAINS> 44,522,215
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 403,141
<NUMBER-OF-SHARES-REDEEMED> 2,478,684
<SHARES-REINVESTED> 2,697,270
<NET-CHANGE-IN-ASSETS> (5,062,879)
<ACCUMULATED-NII-PRIOR> 5,000,529
<ACCUMULATED-GAINS-PRIOR> 44,287,952
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,694,821
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,997,385
<AVERAGE-NET-ASSETS> 952,800,720
<PER-SHARE-NAV-BEGIN> 18.971
<PER-SHARE-NII> 0.298
<PER-SHARE-GAIN-APPREC> 0.373
<PER-SHARE-DIVIDEND> 0.101
<PER-SHARE-DISTRIBUTIONS> 0.897
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.644
<EXPENSE-RATIO> 0.42
</TABLE>
