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LINCOLN NATIONAL INCOME FUND OFFERS UNITS

 LINCOLN NATIONAL INCOME FUND OFFERS UNITS
 FORT WAYNE, Ind., Aug. 4 /PRNewswire/ -- Lincoln National Income


Fund, Inc. (NYSE: LND) announced the public offering of 400 units of variable term preferred stock at $100,000 per unit. Each unit is comprised of 100 shares of variable term preferred stock with a liquidation preference of $1,000 per share. The initial dividend rate through Sept. 9, 1992, is 3.35 percent per annum. The first auction date will be Sept. 9, 1992, at which time the term for and dividend rate of the next dividend period will be determined. Each dividend period will be for a term of 7 days to 364 days or 365 days to 10 years. It is expected that the variable term preferred stock will be rated triple A by Moody's and Standard & Poor's.
 The First Boston Corporation is the sole underwriter of the shares being offered to the public.
 The net proceeds from the sale of the preferred shares will be used by the fund in accordance with its investment objective and policies.
 The fund is a closed-end investment company investing primarily in fixed income securities with a maturity of one year or more.
 -0- 8/4/92
 /CONTACT: Joseph D. Fashano, vice president of First Boston, 212-909-2107, for Lincoln National Income Fund/
 (LND) CO: Lincoln National Income Fund, Inc. ST: Indiana IN: FIN SU: OFR


PS -- NY052 -- 6752 08/04/92 14:53 EDT
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Publication:PR Newswire
Date:Aug 4, 1992
Words:238
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