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<PAGE> PAGE 2
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SIGNATURE DAVID G. HUMES
TITLE VP & CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000793158
<NAME> LINCOLN NATIONAL CONVERTIBLE SECURITIES FUND, INC.
<MULTIPLIER> 1
<S> <C>
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<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
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<INVESTMENTS-AT-VALUE> 128,401,596
<RECEIVABLES> 3,043,082
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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, 1997, we considered its internal control,
including controls over 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 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 irregularities 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 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
any specific internal control component 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
internal control, including controls over
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 management of
Lincoln National Convertible Securities Fund,
Inc. and the Securities and Exchange Commission.
Coopers & Lybrand L.L.P.
Fort Wayne, Indiana
January 27, 1998
