LINCOLN NATIONAL CAPITAL APPRECIATION FUND INC
NSAR-A, 1996-08-28
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<PAGE>      PAGE  1
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SIGNATURE   MICHAEL OVERMYER                             
TITLE       ACCOUNTANT          
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000913362
<NAME> CAPT. APPREC. FUND
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               JUN-30-1996
<INVESTMENTS-AT-COST>                           168896
<INVESTMENTS-AT-VALUE>                          193545
<RECEIVABLES>                                     2419
<ASSETS-OTHER>                                     379
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  196343
<PAYABLE-FOR-SECURITIES>                          1920
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         1026
<TOTAL-LIABILITIES>                               2946
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        162679
<SHARES-COMMON-STOCK>                            14207
<SHARES-COMMON-PRIOR>                             9905
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                           6191
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         24527
<NET-ASSETS>                                    193397
<DIVIDEND-INCOME>                                  963
<INTEREST-INCOME>                                  547
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     759
<NET-INVESTMENT-INCOME>                            751
<REALIZED-GAINS-CURRENT>                          6191
<APPREC-INCREASE-CURRENT>                         8720
<NET-CHANGE-FROM-OPS>                            15662
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                          751
<DISTRIBUTIONS-OF-GAINS>                          6563
<DISTRIBUTIONS-OTHER>                                0
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<NUMBER-OF-SHARES-REDEEMED>                          7
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<ACCUMULATED-NII-PRIOR>                              0
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<OVERDISTRIB-NII-PRIOR>                              0
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<EXPENSE-RATIO>                                    .47
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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