LINCOLN NATIONAL EQUITY INCOME FUND INC
NSAR-A, 1995-08-29
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<PAGE>      PAGE  1
000 A000000 06/30/95
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001 A000000 LINCOLN NATIONAL EQUITY INCOME FUND INC
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002 D010000 46801
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<PAGE>      PAGE  2
013 B010001 FORT WAYNE
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014 A000002 LYNCH & MAYER SECURITIES CORP.
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014 B000003 8-13034
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<PAGE>      PAGE  9
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SIGNATURE   MICHAEL STRATTON                             
TITLE       ACCOUNT             
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000914512
<NAME> EQUITY-INCOME FUND
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               JUN-30-1995
<INVESTMENTS-AT-COST>                           135710
<INVESTMENTS-AT-VALUE>                          150684
<RECEIVABLES>                                     1527
<ASSETS-OTHER>                                     180
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  152391
<PAYABLE-FOR-SECURITIES>                          1528
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         1845
<TOTAL-LIABILITIES>                               3373
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        132751
<SHARES-COMMON-STOCK>                            12464
<SHARES-COMMON-PRIOR>                             7630
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                           1294
<OVERDISTRIBUTION-GAINS>                             0
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<NET-ASSETS>                                    149018
<DIVIDEND-INCOME>                                 1639
<INTEREST-INCOME>                                  383
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     637
<NET-INVESTMENT-INCOME>                           1385
<REALIZED-GAINS-CURRENT>                          1294
<APPREC-INCREASE-CURRENT>                        15384
<NET-CHANGE-FROM-OPS>                            18063
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                         1385
<DISTRIBUTIONS-OF-GAINS>                           580
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           4703
<NUMBER-OF-SHARES-REDEEMED>                          8
<SHARES-REINVESTED>                                139
<NET-CHANGE-IN-ASSETS>                           54059
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                          580
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              528
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    637
<AVERAGE-NET-ASSETS>                            112593
<PER-SHARE-NAV-BEGIN>                           10.335
<PER-SHARE-NII>                                   .138
<PER-SHARE-GAIN-APPREC>                          1.678
<PER-SHARE-DIVIDEND>                              .138
<PER-SHARE-DISTRIBUTIONS>                         .058
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.95
<EXPENSE-RATIO>                                    .57
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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