<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 0000913362
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 LINCOLN NAT'L CAPITAL APPRECIATION FUND INC.
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002 A000000 1300 SOUTH CLINTON STREET
002 B000000 FORT WAYNE
002 C000000 IN
002 D010000 46801
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008 D030001 46801
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008 B000002 S
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008 D010002 DENVER
008 D020002 CO
008 D030002 80206
011 A000001 THE LINCOLN NATIONAL LIFE INSURANCE CO. INC.
011 B000001 8-13034
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011 C020001 IN
011 C030001 46801
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014 A000001 LINCOLN FINANCIAL ADVISORS
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014 A000003 LINCOLN NATIONAL LIFE INSURANCE CO. INC.
014 B000003 8-13034
014 A000004 DELAWARE DISTRIBUTORS LP
014 B000004 8-29755
<PAGE> PAGE 2
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
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015 C020001 MA
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<PAGE> PAGE 3
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<PAGE> PAGE 4
015 B000021 S
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015 B000031 S
<PAGE> PAGE 5
015 C010031 --
015 D010031 MEXICO
015 E040031 X
015 A000032 MEESPIERSON N.V.
015 B000032 S
015 C010032 --
015 D010032 NETHERLANDS
015 E040032 X
015 A000033 ANZ BANKING GROUP (NEW ZEALAND) LIMITED
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015 E040033 X
015 A000034 CHRISTIANIA BANK OG
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015 C010034 --
015 D010034 NORWAY
015 E040034 X
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015 B000035 S
015 C010035 --
015 D010035 PERU
015 E040035 X
015 A000036 STANDARD CHARTERED BANK
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015 C010036 --
015 D010036 PHILIPPINES
015 E040036 X
015 A000037 CITIBANK POLAND S.A.
015 B000037 S
015 C010037 --
015 D010037 POLAND
015 E040037 X
015 A000038 BANCO COMERCIAL PORTUGUES
015 B000038 S
015 C010038 --
015 D010038 PORTUGAL
015 E040038 X
015 A000039 THE DEVELOPMENT BANK OF SINGAPORE LTD.
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015 C010039 --
015 D010039 SINGAPORE
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015 A000040 CESKOSLOVENSKA OBCHODNA BANKA A.S.
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015 D010040 SLOVAK REPUBLIC
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015 A000041 STANDARD BANK OF SOUTH AFRICA LIMITED
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<PAGE> PAGE 6
015 D010041 SOUTH AFRICA
015 E040041 X
015 A000042 BANCO SANTANDER S.A.
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015 D010042 SPAIN
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015 A000043 SKANDINAVISKA ENSKILDA BANKEN
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<PAGE> PAGE 7
020 C000002 30
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022 C000003 2673
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022 B000004 13-5659485
022 C000004 756
022 D000004 3448
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022 C000005 1897
022 D000005 1739
022 A000006 DEUTSCHE MORGAN GRENFELL
022 B000006 13-2730828
022 C000006 0
022 D000006 2759
022 A000007 MERRILL LYNCH PIERCE
<PAGE> PAGE 8
022 B000007 13-5674085
022 C000007 2176
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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SIGNATURE ERIC C. JONES
TITLE DIR. MUTUAL FUNDS
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000913362
<NAME> LINCOLN NATIONAL CPAITAL APPRECIATION FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
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<TOTAL-LIABILITIES> 10,705,234
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 285,583,493
<SHARES-COMMON-STOCK> 22,728,498
<SHARES-COMMON-PRIOR> 18,424,975
<ACCUMULATED-NII-CURRENT> 2,235,554
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<ACCUMULATED-NET-GAINS> 20,195,117
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 365,233,702
<DIVIDEND-INCOME> 2,891,040
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<OTHER-INCOME> (74,018)
<EXPENSES-NET> (1,358,147)
<NET-INVESTMENT-INCOME> 2,235,554
<REALIZED-GAINS-CURRENT> 20,195,117
<APPREC-INCREASE-CURRENT> 21,905,188
<NET-CHANGE-FROM-OPS> 44,335,859
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (10,296,305)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,539,476
<NUMBER-OF-SHARES-REDEEMED> (72,368)
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<NET-CHANGE-IN-ASSETS> 97,991,845
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
