LINCOLN NATIONAL EQUITY INCOME FUND INC
NSAR-A, 1999-08-27
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<PAGE>      PAGE  1
000 A000000 06/30/1999
000 C000000 0000914512
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 LINCOLN NATIONAL EQUITY INCOME FUND INC.
001 B000000 811-8126
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
008 A000001 LINCOLN NATIONAL MANAGEMENT INC.
008 B000001 A
008 C000001 801-5098
008 D010001 FORT WAYNE
008 D020001 IN
008 D030001 46801
008 A000002 FIDELITY MANAGEMENT TRUST COMPANY
008 B000002 S
008 C000002 801-7884
008 D010002 BOSTON
008 D020002 MA
008 D030002 02212
011 A000001 THE LINCOLN NATIONAL LIFE INSURANCE CO. INC.
011 B000001 8-13034
011 C010001 FORT WAYNE
011 C020001 IN
011 C030001 46801
013 A000001 ERNST & YOUNG
013 B010001 FORT WAYNE
013 B020001 IN
013 B030001 46802
014 A000001 LINCOLN FINANCIAL ADVISORS
014 B000001 8-14685
014 A000002 LYNCH & MAYER SECURITIES CORP.
014 B000002 8-114362
014 A000003 THE 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 & TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02105
015 E010001 X
015 A000002 CITIBANK, N.A.
015 B000002 S
015 C010002 --
015 D010002 ARGENTINA
015 E040002 X
015 A000003 WESTPAC BANKING CORPORATION
015 B000003 S
015 C010003 --
015 D010003 AUSTRALIA
015 E040003 X
015 A000004 GIROCREDIT BANK AKTIENGESELLSCHAFT
015 B000004 S
015 C010004 --
015 D010004 AUSTRIA
015 E040004 X
015 A000005 GENERALE BANK
015 B000005 S
015 C010005 --
015 D010005 BELGIUM
015 E040005 X
015 A000006 THE BANK OF BERMUDA
015 B000006 S
015 C010006 --
015 D010006 BERMUDA
015 E040006 X
015 A000007 CITIBANK, N.A.
015 B000007 S
015 C010007 --
015 D010007 BRAZIL
015 E040007 X
015 A000008 CANADA TRUSTCO MORTGAGE COMPANY
015 B000008 S
015 C010008 --
015 D010008 CANADA
015 E040008 X
015 A000009 CITIBANK, N.A.
015 B000009 S
015 C010009 --
015 D010009 CHILE
015 E040009 X
015 A000010 HONG KONG & SHANGHAI BANKING CORP.
015 B000010 S
015 C010010 --
015 D010010 REPUBLIC OF CHINA
015 E040010 X
<PAGE>      PAGE  3
015 A000011 CITITRUST COLUMBIA S.A.
015 B000011 S
015 C010011 --
015 D010011 COLUMBIA
015 E040011 X
015 A000012 CESKOSLOVENSKA OBCHODNL BANKA A.S.
015 B000012 S
015 C010012 --
015 D010012 CZECH REPUBLIC
015 E040012 X
015 A000013 DEN DANSKE BANK
015 B000013 S
015 C010013 --
015 D010013 DENMARK
015 E040013 X
015 A000014 CITIBANK, N.A.
015 B000014 S
015 C010014 --
015 D010014 ECUADOR
015 E040014 X
015 A000015 NATIONAL BANK OF EGYPT
015 B000015 S
015 C010015 --
015 D010015 EGYPT
015 E040015 X
015 A000016 MERITA BANK LIMITED
015 B000016 S
015 C010016 --
015 D010016 FINLAND
015 E040016 X
015 A000017 BANQUE PARIBAS
015 B000017 S
015 C010017 --
015 D010017 FRANCE
015 E040017 X
015 A000018 DRESDNER BANK AG
015 B000018 S
015 C010018 --
015 D010018 GERMANY
015 E040018 X
015 A000019 NATIONAL BANK OF GREECE S.A.
015 B000019 S
015 C010019 --
015 D010019 GREECE
015 E040019 X
015 A000020 STANDARD CHARTERED BANK
015 B000020 S
015 C010020 --
015 D010020 HONG KONG
015 E040020 X
015 A000021 CITIBANK BUDAPEST RT.
<PAGE>      PAGE  4
015 B000021 S
015 C010021 --
015 D010021 HUNGARY
015 E040021 X
015 A000022 DEUTSCHE BANK AG
015 B000022 S
015 C010022 --
015 D010022 INDIA
015 E040022 X
015 A000023 THE HONG KONG & SHANGHAI BANKING CORP. LTD.
015 B000023 S
015 C010023 --
015 D010023 INDIA
015 E040023 X
015 A000024 STANDARD CHARTERED BANK
015 B000024 S
015 C010024 --
015 D010024 INDONESIA
015 E040024 X
015 A000025 BANK OF IRELAND
015 B000025 S
015 C010025 --
015 D010025 IRELAND
015 E040025 X
015 A000026 BANK HAPOALIM B.M.
015 B000026 S
015 C010026 --
015 D010026 ISRAEL
015 E040026 X
015 A000027 BANQUE PARIBUS
015 B000027 S
015 C010027 --
015 D010027 ITALY
015 E040027 X
015 A000028 SOCIETE GENERALE DE BANQUES EN COTE D IVOIRE
015 B000028 S
015 C010028 --
015 D010028 IVORY COAST
015 E040028 X
015 A000029 DAIWA BANK, LIMITED
015 B000029 S
015 C010029 --
015 D010029 JAPAN
015 E040029 X
015 A000030 THE FUJI BANK, LIMITED
015 B000030 S
015 C010030 --
015 D010030 JAPAN
015 E040030 X
015 A000031 THE SUMITOMO TRUST & BANKING CO. LTD.
015 B000031 S
<PAGE>      PAGE  5
015 C010031 --
015 D010031 JAPAN
015 E040031 X
015 A000032 SEOULBANK
015 B000032 S
015 C010032 --
015 D010032 REPUBLIC OF KOREA
015 E040032 X
015 A000033 STANDARD CHARTERED BANK, MALAYSIA BERHAD
015 B000033 S
015 C010033 --
015 D010033 MALAYSIA
015 E040033 X
015 A000034 CITIBANK MEXICO, S.A.
015 B000034 S
015 C010034 --
015 D010034 MEXICO
015 E040034 X
015 A000035 BANQUE COMMERCIALE DU MAROC
015 B000035 S
015 C010035 --
015 D010035 MOROCCO
015 E040035 X
015 A000036 MEESPIERSON N.V.
015 B000036 S
015 C010036 --
015 D010036 NETHERLANDS
015 E040036 X
015 A000037 ANZ BANKING GROUP (NEW ZEALAND) LIMITED
015 B000037 S
015 C010037 --
015 D010037 NEW ZEALAND
015 E040037 X
015 A000038 CHRISTIANIA BANK OG
015 B000038 S
015 C010038 --
015 D010038 NORWAY
015 E040038 X
015 A000039 DEUTSCHE BANK AG
015 B000039 S
015 C010039 --
015 D010039 PAKISTAN
015 E040039 X
015 A000040 CITIBANK, N.A.
015 B000040 S
015 C010040 --
015 D010040 PERU
015 E040040 X
015 A000041 STANDARD CHARTERED BANK
015 B000041 S
015 C010041 --
<PAGE>      PAGE  6
015 D010041 PHILIPPINES
015 E040041 X
015 A000042 CITIBANK POLAND, S.A.
015 B000042 S
015 C010042 --
015 D010042 POLAND
015 E040042 X
015 A000043 BANCO COMERCIAL PORTUGUES
015 B000043 S
015 C010043 --
015 D010043 PORTUGAL
015 E040043 X
015 A000044 THE DEVELOPMENT BANK OF SINGAPORE LTD.
015 B000044 S
015 C010044 --
015 D010044 SINGAPORE
015 E040044 X
015 A000045 CESKOSLOVENSKA OBCHODNA BANKA A.S.
015 B000045 S
015 C010045 --
015 D010045 SLOVAK REPUBLIC
015 E040045 X
015 A000046 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000046 S
015 C010046 --
015 D010046 SOUTH AFRICA
015 E040046 X
015 A000047 BANCO SANTANDER, S.A.
015 B000047 S
015 C010047 --
015 D010047 SPAIN
015 E040047 X
015 A000048 SKANDINAVISKA ENSKILDA BANKEN
015 B000048 S
015 C010048 --
015 D010048 SWEDEN
015 E040048 X
015 A000049 UNION BANK OF SWITZERLAND
015 B000049 S
015 C010049 --
015 D010049 SWITZERLAND
015 E040049 X
015 A000050 CENTRAL TRUST OF CHINA
015 B000050 S
015 C010050 --
015 D010050 TAIWAN - R.O.C.
015 E040050 X
015 A000051 STANDARD CHARTERED BANK
015 B000051 S
015 C010051 --
015 D010051 THAILAND
<PAGE>      PAGE  7
015 E040051 X
015 A000052 CITIBANK, N.A.
015 B000052 S
015 C010052 --
015 D010052 TURKEY
015 E040052 X
015 A000053 STATE STREET BANK AND TRUST COMPANY
015 B000053 S
015 C010053 --
015 D010053 UNITED KINGDOM
015 E040053 X
015 A000054 CITIBANK, N.A.
015 B000054 S
015 C010054 --
015 D010054 VENEZUELA
015 E040054 X
015 A000055 STATE STREET BANK AND TRUST COMPANY
015 B000055 S
015 C010055 --
015 D010055 EUROCLEAR
015 E040055 X
015 A000056 SATE STREET BANK AND TRUST COMPANY
015 B000056 S
015 C010056 --
015 D010056 CEDEL
015 E040056 X
018  000000 Y
019 A000000 Y
019 B000000   11
019 C000000 VAACCOUNTC
020 A000001 FIRST BOSTON CORPORATION
020 B000001 13-5659485
020 C000001    143
020 A000002 DONALDSON LUFKIN
020 B000002 13-2741729
020 C000002    134
020 A000003 FIDELITY CAPITAL MARKETS
020 B000003 04-2653569
020 C000003    100
020 A000004 GOLDMAN SACHS
020 B000004 13-5108880
020 C000004     95
020 A000005 BEAR STEARNS & CO.
020 B000005 13-3299429
020 C000005     83
020 A000006 DEUTSCHE
020 B000006 13-2730828
020 C000006     71
020 A000007 ALEX BROWN & SONS
020 B000007 52-1319768
020 C000007     64
<PAGE>      PAGE  8
020 A000008 POSIT
020 B000008 N/A
020 C000008     60
020 A000009 MERRILL LYNCH
020 B000009 13-5674085
020 C000009     52
020 A000010 MORGAN STANLEY
020 B000010 13-2655998
020 C000010     52
021  000000     1688
022 A000001 STATE STREET BANK
022 B000001 04-1867445
022 C000001   3925069
022 D000001         0
022 A000002 SALOMON BROTHERS
022 B000002 13-3082694
022 C000002     21583
022 D000002       851
022 A000003 MORGAN STANLEY & CO.
022 B000003 13-2655998
022 C000003     10514
022 D000003      2449
022 A000004 MERRILL LYNCH
022 B000004 13-5674085
022 C000004      5080
022 D000004      1982
022 A000005 FIRST BOSTON CORP.
022 B000005 13-5659485
022 C000005      2881
022 D000005      4116
022 A000006 SMITH BARNEY INC.
022 B000006 13-1912900
022 C000006      2104
022 D000006      1309
022 A000007 JP MORGAN
022 B000007 13-3224016
022 C000007      2410
022 D000007       974
022 A000008 NATIONSBANK CAPITAL MKT.
022 C000008      2286
022 D000008       836
022 A000009 LEHMAN BROTHERS INC.
022 B000009 13-2518466
022 C000009      1522
022 D000009       857
022 A000010 DEUTSCHE BANK
022 B000010 13-2730828
022 C000010         0
022 D000010      1724
023 C000000    4028355
023 D000000      29142
<PAGE>      PAGE  9
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025 A000002 MORGAN STANLEY DEAN WITTER
025 B000002 13-2655998
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025 D000002    6150
025 A000003 SCHWAB (CHARLES)
025 B000003 94-1737782
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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
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<PAGE>      PAGE  14
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SIGNATURE   RHONDA LANTZ
TITLE       ASST VP



<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000914512
<NAME> LINCOLN NATIONAL EQUITY INCOME FUND INC.

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                    1,004,362,474
<INVESTMENTS-AT-VALUE>                   1,106,552,184
<RECEIVABLES>                               15,905,226
<ASSETS-OTHER>                                       0
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<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      607,612
<TOTAL-LIABILITIES>                         39,354,743
<SENIOR-EQUITY>                                      0
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<SHARES-COMMON-STOCK>                       47,601,130
<SHARES-COMMON-PRIOR>                       45,680,879
<ACCUMULATED-NII-CURRENT>                    5,667,426
<OVERDISTRIBUTION-NII>                               0
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<INTEREST-INCOME>                              919,553
<OTHER-INCOME>                                       0
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<APPREC-INCREASE-CURRENT>                (172,542,241)
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<EQUALIZATION>                                       0
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<DISTRIBUTIONS-OTHER>                                0
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</TABLE>


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