<PAGE> PAGE 1
000 B000000 12/31/96
000 C000000 0000913362
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 LINCOLN NAT'L CAPITAL APPRECIATION FUND INC
001 B000000 811-8074
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
077 A000000 Y
077 Q010000 Y
078 000000 N
SIGNATURE ERIC JONES
TITLE DIR. MUTUAL FUND
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000913362
<NAME> CAPITAL APPRECIATION FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 230,400
<INVESTMENTS-AT-VALUE> 265,697
<RECEIVABLES> 7,175
<ASSETS-OTHER> 57
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 272,929
<PAYABLE-FOR-SECURITIES> 379
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,308
<TOTAL-LIABILITIES> 5,687
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 221,631
<SHARES-COMMON-STOCK> 18,425
<SHARES-COMMON-PRIOR> 9,905
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10,296
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 35,315
<NET-ASSETS> 267,242
<DIVIDEND-INCOME> 1,990
<INTEREST-INCOME> 1,739
<OTHER-INCOME> 0
<EXPENSES-NET> 1,809
<NET-INVESTMENT-INCOME> 1,920
<REALIZED-GAINS-CURRENT> 10,296
<APPREC-INCREASE-CURRENT> 19,507
<NET-CHANGE-FROM-OPS> 31,723
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,920
<DISTRIBUTIONS-OF-GAINS> 6,563
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,060
<NUMBER-OF-SHARES-REDEEMED> 86
<SHARES-REINVESTED> 545
<NET-CHANGE-IN-ASSETS> 139,306
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,550
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,809
<AVERAGE-NET-ASSETS> 194,209
<PER-SHARE-NAV-BEGIN> 12.916
<PER-SHARE-NII> 0.135
<PER-SHARE-GAIN-APPREC> 2.051
<PER-SHARE-DIVIDEND> 0.598
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.504
<EXPENSE-RATIO> 0.93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
