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SIGNATURE DAVID G. HUMES
TITLE VP & CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000793158
<NAME> LINCOLN NATIONAL CONVERTIBLE SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 112,360,096
<INVESTMENTS-AT-VALUE> 123,020,423
<RECEIVABLES> 2,590,769
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</TABLE>
REPORT of INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors
Lincoln National Convertible Securities Fund, Inc.:
In planning and performing our audit of the financial statements
and financial highlights of Lincoln National
Convertible Securities Fund, Inc. for the year ended December
31, 1995, we considered its internal control structure,
including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and financial highlights
and to comply with the requirements of Form N-SAR, not to
provide assurance on the internal control structure.
The management of the Lincoln National Convertible Securities
Fund, Inc. is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an
internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition
and that transactions are executed in accordance with
management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the structure
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 the internal control structure would not
necessarily disclose all matters in the internal control
structure 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 the specific internal control structure
elements does not reduce to a relatively low level of risk that
errors or irregularities in amounts that would be material in
relation to the financial statements and financial highlights
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 the
internal control structure, including procedures for
safeguarding securities, that we consider to be material
weaknesses, as defined above, as of December 31, 1995.
This report is intended solely for the information and use of
management of Lincoln National Convertible Securities Fund, Inc.
and the Securities and Exchange Commission.
Fort Wayne, Indiana
January 26, 1996
