Lincoln National Variable Annuity Fund A NCSRS Certified semi-annual shareholder report (management investment company)

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number: 811-01434

LINCOLN NATIONAL VARIABLE ANNUITY FUND A

(Exact name of registrant as specified in charter)

1300 South Clinton Street
Fort Wayne, Indiana 46802
(Address of principal executive offices) (Zip code)

Dennis L. Schoff, Esq.
The Lincoln National Life Insurance Company
1300 South Clinton Street
Post Office Box 1110
Fort Wayne, Indiana 46801
(Name and address of agent for service)

Copies of all communications to:
Robert A. Robertson, Esq.
Dechert LLP
4675 MacArthur Court
Suite 1400
Newport Beach, CA 92660

Colleen E. Tonn, Esq.
The Lincoln National Life Insurance Company
1300 South Clinton Street
Post Office Box 1110
Fort Wayne, Indiana 46801

Registrant’s telephone number, including area code: (260) 455-3404

Date of fiscal year end: December 31

Date of reporting period: January 1, 2009 through June 30, 2009

Item 1. Reports to Stockholders

Lincoln National Variable Annuity Fund A

Variable Annuity Fund A

Item 1. Reports to Stockholders

Lincoln National Variable Annuity Fund A

Lincoln National

Variable Annuity Fund A

Semiannual Report

June 30, 2009

Lincoln National Variable Annuity Fund A

Index


Disclosure of Fund Expenses		1
Sector Allocation and Top 10 Equity Holdings		2
Statement of Net Assets		3
Statement of Operations		6
Statements of Changes in Net Assets		6
Financial Highlights		7
Notes to Financial Statements		8

Lincoln National Variable Annuity Fund A

Disclosure
OF FUND EXPENSES
For the Period January 1, 2009 to June 30, 2009

As a beneficial owner of Fund A, you incur ongoing Separate Account expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Separate Account and to compare these costs with the ongoing costs of investing in other separate accounts.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2009 to June 30, 2009.

Actual Expenses

The first section of the table shown, “Actual Fund A Return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second section of the table shown, “Hypothetical,” provides information about hypothetical account values and hypothetical expenses based on Fund A’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not Fund A’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in Fund A and other separate accounts. To do so, compare the 5% hypothetical example with this 5% hypothetical example that appear in the financial reports of other separate accounts.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Fund A does not charge any transaction costs, such as sales charges (loads), redemption fees or exchange fees. The fees related to the variable annuity contract, such as the sales charge that could apply, have not been included. Therefore, the second section of the table is useful in comparing the contract costs only, and will not help you determine the relative total costs of owning the contract.

Expense Analysis of an Investment of $1,000


							Expenses
	Beginning		Ending				Paid During
	Account		Account		Annualized		Period
	Value		Value		Expense		1/1/09 to
	1/1/09		6/30/09		Ratio		6/30/09*


Actual Fund A Return
Variable Annuity Fund A	$	1,000.00	$	1,025.40		1.32%	$	6.63


Hypothetical (5% return before expenses)
Variable Annuity Fund A	$	1,000.00	$	1,018.25		1.32%	$	6.61


*	“Expenses Paid During Period” are equal to the Fund A’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Lincoln National Variable Annuity Fund A–1

Lincoln National Variable Annuity Fund A

Sector Allocation and Top 10 Equity Holdings
As of June 30, 2009

Sector designations may be different than the sector designations presented in
other Fund materials


	Percentage
Sector	of Net Assets

Common Stock		97.95	%


Aerospace & Defense		4.15	%
Beverages		1.84	%
Biotechnology		3.43	%
Capital Markets		2.12	%
Chemicals		2.55	%
Commercial Banks		2.86	%
Commercial Services & Supplies		0.52	%
Communications Equipment		3.34	%
Computers & Peripherals		6.72	%
Construction & Engineering		1.23	%
Consumer Finance		0.62	%
Containers & Packaging		0.83	%
Diversified Consumer Services		0.53	%
Diversified Financial Services		2.99	%
Diversified Telecommunication Services		2.40	%
Electric Utilities		2.41	%
Electrical Equipment		0.62	%
Energy Equipment & Services		2.71	%
Food & Staples Retailing		3.27	%
Food Products		0.70	%
Gas Utilities		0.73	%
Health Care Equipment & Supplies		2.21	%
Health Care Providers & Services		2.20	%
Hotels, Restaurants & Leisure		2.39	%
Household Durables		0.97	%
Household Products		3.45	%
Industrial Conglomerates		1.19	%
Insurance		3.57	%
Internet Software & Services		1.70	%
IT Services		0.66	%
Life Sciences Tools & Services		0.72	%
Machinery		0.48	%
Media		2.13	%
Metals & Mining		1.35	%
Multi-Utilities		1.61	%
Oil, Gas & Consumable Fuels		8.76	%
Pharmaceuticals		6.08	%
Professional Services		0.36	%
Real Estate Investment Trusts		0.64	%
Road & Rail		1.10	%
Semiconductors & Semiconductor Equipment		1.67	%
Software		4.89	%
Specialty Retail		1.47	%
Textiles, Apparel & Luxury Goods		0.78	%
Tobacco		0.44	%
Wireless Telecommunication Services		0.56	%


Discounted Commercial Paper		1.92	%


Total Value of Securities		99.87	%


Receivables and Other Assets Net of Liabilities		0.13	%


Total Net Assets		100.00	%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.


	Percentage
Top 10 Equity Holdings	of Net Assets

Exxon Mobil		4.05	%
Microsoft		3.10	%
Johnson & Johnson		2.45	%
Procter & Gamble		2.44	%
JPMorgan Chase		2.18	%
Apple		2.15	%
Wal-Mart Stores		1.89	%
PepsiCo		1.84	%
Cisco Systems		1.80	%
Hewlett-Packard		1.80	%


Total		23.70	%

Lincoln National Variable Annuity Fund A–2

Lincoln National Variable Annuity Fund A
Statement of Net Assets
June 30, 2009 (Unaudited)


				Fair
		Number of		Value
		Shares		(U.S. $)

	COMMON STOCK–97.95%
	Aerospace & Defense–4.15%
	Goodrich		8,900	$	444,733
	Honeywell International		6,900		216,660
	Lockheed Martin		2,500		201,625
	Rockwell Collins		5,100		212,823
	United Technologies		11,000		571,560

					1,647,401

	Beverages–1.84%
	PepsiCo		13,300		730,968

					730,968

	Biotechnology–3.43%
†	Amgen		8,300		439,402
†	Celgene		4,400		210,496
†	Gilead Sciences		10,700		501,188
†	Vertex Pharmaceuticals		5,900		210,276

					1,361,362

	Capital Markets–2.12%
	Bank of New York Mellon		8,500		249,135
	Goldman Sachs Group		4,000		589,760

					838,895

	Chemicals–2.55%
	duPont (E.I.) deNemours		11,100		284,382
	Lubrizol		8,300		392,673
	Monsanto		4,500		334,530

					1,011,585

	Commercial Banks–2.86%
	PNC Financial Services Group		4,700		182,407
	U.S. Bancorp		17,600		315,392
	Wells Fargo		26,300		638,038

					1,135,837

	Commercial Services & Supplies–0.52%
	Republic Services		8,400		205,044

					205,044

	Communications Equipment–3.34%
†	Cisco Systems		38,400		715,776
	QUALCOMM		13,500		610,200

					1,325,976

	Computers & Peripherals–6.72%
†	Apple		6,000		854,580
†	EMC		32,200		421,820
	Hewlett-Packard		18,500		715,025
	International Business Machines		4,000		417,680
†	NetApp		13,000		256,360

					2,665,465

	Construction & Engineering–1.23%
	Fluor		6,600		338,514
†	URS		3,000		148,560

					487,074

	Consumer Finance–0.62%
	Capital One Financial		11,220		245,494

					245,494

	Containers & Packaging–0.83%
†	Owens-Illinois		11,800		330,518

					330,518

	Diversified Consumer Services–0.53%
	DeVry		4,200		210,168

					210,168

	Diversified Financial Services–2.99%
	JPMorgan Chase		25,400		866,394
†	Nasdaq OMX Group		14,900		317,519

					1,183,913

	Diversified Telecommunication Services–2.40%
	AT&T		10,700		265,788
	Verizon Communications		22,300		685,279

					951,067

	Electric Utilities–2.41%
	Exelon		7,000		358,470
	FirstEnergy		5,500		213,125
	PPL		11,700		385,632

					957,227

	Electrical Equipment–0.62%
	Roper Industries		5,400		244,674

					244,674

	Energy Equipment & Services–2.71%
†	Nabors Industries		14,900		232,142
†	National Oilwell Varco		8,100		264,546
	Schlumberger		10,700		578,977

					1,075,665

	Food & Staples Retailing–3.27%
	CVS Caremark		17,100		544,977
	Wal-Mart Stores		15,500		750,820

					1,295,797

	Food Products–0.70%
	Smucker (J.M.)		5,700		277,362

					277,362

Lincoln National Variable Annuity Fund A–3

Lincoln National Variable Annuity Fund A
Statement of Net Assets (continued)


				Fair
		Number of		Value
		Shares		(U.S. $)

	COMMON STOCK (continued)

	Gas Utilities–0.73%
	EQT		8,300	$	289,753

					289,753

	Health Care Equipment & Supplies–2.21%
†	Gen-Probe		4,700		202,006
†	Hologic		18,100		257,563
	Medtronic		12,000		418,680

					878,249

	Health Care Providers & Services–2.20%
†	Express Scripts		7,000		481,250
	UnitedHealth Group		15,700		392,186

					873,436

	Hotels, Restaurants & Leisure–2.39%
	Burger King Holdings		18,900		326,403
	McDonald’s		10,800		620,892

					947,295

	Household Durables–0.97%
†	Jarden		20,600		386,250

					386,250

	Household Products–3.45%
	Colgate-Palmolive		5,700		403,218
	Procter & Gamble		18,900		965,790

					1,369,008

	Industrial Conglomerates–1.19%
	General Electric		40,300		472,316

					472,316

	Insurance–3.57%
	Aspen Insurance Holdings		8,500		189,890
	Berkley (W.R.)		9,900		212,553
	Everest Re Group		3,200		229,024
	Hanover Insurance Group		6,400		243,904
	Prudential Financial		5,700		212,154
	Travelers		8,000		328,320

					1,415,845

	Internet Software & Services–1.70%
†	Google Class A		1,600		674,544

					674,544

	IT Services–0.66%
	Accenture Class A		7,800		260,988

					260,988

	Life Sciences Tools & Services–0.72%
†	Thermo Fisher Scientific		7,000		285,390

					285,390

	Machinery–0.48%
	Deere & Co		4,800		191,760

					191,760

	Media–2.13%
†	Marvel Entertainment		6,600		234,894
†	Time Warner Cable		11,700		370,539
†	Viacom Class B		10,500		238,350

					843,783

	Metals & Mining–1.35%
	Alcoa		18,200		188,006
	United States Steel		9,720		347,393

					535,399

	Multi-Utilities–1.61%
	Sempra Energy		7,100		352,373
	Wisconsin Energy		7,000		284,970

					637,343

	Oil, Gas & Consumable Fuels–8.76%
	Arch Coal		9,800		150,626
	Chevron		8,300		549,875
	EOG Resources		5,900		400,728
	Exxon Mobil		23,000		1,607,929
	Occidental Petroleum		7,900		519,899
	St. Mary Land & Exploration		11,700		244,179

					3,473,236

	Pharmaceuticals–6.08%
	Abbott Laboratories		11,500		540,960
	Johnson & Johnson		17,100		971,280
	Merck		12,000		335,520
	Wyeth		12,400		562,836

					2,410,596

	Professional Services–0.36%
†	FTI Consulting		2,800		142,016

					142,016

	Real Estate Investment Trusts–0.64%
	Host Hotels & Resorts		13,200		110,748
	Simon Property Group		2,764		142,153

					252,901

	Road & Rail–1.10%
	Norfolk Southern		11,600		436,972

					436,972

	Semiconductors & Semiconductor Equipment–1.67%
	Intel		39,900		660,345

					660,345

Lincoln National Variable Annuity Fund A–4

Lincoln National Variable Annuity Fund A
Statement of Net Assets (continued)


				Fair
		Number of		Value
		Shares		(U.S. $)

	COMMON STOCK (continued)

	Software–4.89%
†	McAfee		6,400	$	270,016
	Microsoft		51,800		1,231,286
†	Nuance Communications		16,600		200,694
†	Symantec		15,200		236,512

					1,938,508

	Specialty Retail–1.47%
	American Eagle Outfitters		18,700		264,979
†	Urban Outfitters		15,200		317,224

					582,203

	Textiles, Apparel & Luxury Goods–0.78%
	NIKE Class B		6,000		310,680

					310,680

	Tobacco–0.44%
	Philip Morris International		4,000		174,480

					174,480

	Wireless Telecommunication Services–0.56%
†	MetroPCS Communications		16,800		223,608

					223,608

	Total Common Stock (Cost $37,205,307)				38,848,396

		Principal
		Amount
		(U.S. $)
¹	DISCOUNTED COMMERCIAL PAPER–1.92%
	Societe Generale North America 0.13% 7/1/09	$	760,000		760,000

	Total Discounted Commercial Paper (Cost $760,000)				760,000



TOTAL VALUE OF SECURITIES–99.87% (Cost $37,965,307)		39,608,396

RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.13%		51,321

NET ASSETS–100.00%	$	39,659,717

NET ASSETS ARE REPRESENTED BY:
Value of Accumulation Units:
2,524,747 units at $14.627 unit value	$	36,929,929
Annuity Reserves:
46,553 units at $14.627 unit value		680,939
100,085 units at $20.471 unit value		2,048,849

Total net assets	$	39,659,717


†		Non income producing security.

¹		The rate shown is the effective yield at time of purchase.

See accompanying notes

Lincoln National Variable Annuity Fund A–5

Lincoln National Variable Annuity Fund A
Statement of Operations
Six Months Ended June 30, 2009 (Unaudited)


INVESTMENT INCOME:
Dividends				$	394,914
Interest					742
Foreign tax withheld					(337	)

					395,319

EXPENSES:
Investment management services	$	59,613
Mortality and expense guarantees		176,851			236,464

NET INVESTMENT INCOME					158,855

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments		(3,450,218	)
Net change in unrealized appreciation/depreciation of investments		4,146,910			696,692

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS				$	855,547

See accompanying notes

Lincoln National Variable Annuity Fund A
Statements of Changes in Net Assets


	Six Months
	Ended
	6/30/09			Year Ended
	(Unaudited)			12/31/08

CHANGES FROM OPERATIONS:
Net investment income	$	158,855		$	397,836
Net realized loss on investments		(3,450,218	)		(1,636,747	)
Net change in net unrealized appreciation/depreciation of investments		4,146,910			(22,907,405	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		855,547			(24,146,316	)
Net decrease from equity transactions		(1,417,527	)		(5,992,479	)

TOTAL DECREASE IN NET ASSETS		(561,980	)		(30,138,795	)
Net assets, at beginning of period		40,221,697			70,360,492

NET ASSETS, AT END OF PERIOD	$	39,659,717		$	40,221,697

See accompanying notes

Lincoln National Variable Annuity Fund A–6

Lincoln National Variable Annuity Fund A
Financial Highlights–Selected Per Unit Data and Ratios

The following is selected financial data for an accumulation unit outstanding throughout each period:


	Six Months
	Ended
	June 30, 2009¹			Year Ended December 31,
	(Unaudited)			2008			2007			2006			2005			2004


Investment income	$	0.146		$	0.382		$	0.388		$	0.354		$	0.338		$	0.343
Expenses		(0.089	)		(0.252	)		(0.297	)		(0.257	)		(0.239	)		(0.218	)

Net investment income		0.057			0.130			0.091			0.097			0.099			0.125
Net realized and unrealized gain (loss) on investments		0.305			(8.234	)		1.016			2.022			0.732			1.642

Increase (decrease) in accumulation unit value		0.362			(8.104	)		1.107			2.119			0.831			1.767
Accumulation unit value at beginning of period		14.265			22.369			21.262			19.143			18.312			16.545

Accumulation unit value at end of period	$	14.627		$	14.265		$	22.369		$	21.262		$	19.143		$	18.312

Net assets, end of period (000 omitted)	$	39,660		$	40,222		$	70,360		$	76,710		$	75,923		$	80,883
Ratio of expenses to average net assets		1.32%			1.33%			1.32%			1.28%			1.28%			1.28%
Ratio of net investment income to average net assets		0.82%			0.65%			0.43%			0.48%			0.53%			0.73%
Total investment return		2.54%			(36.23%	)		5.21%			11.07%			4.54%			10.68%
Portfolio turnover rate		38.32%			36.35%			29.16%			28.83%			20.40%			38.72%

Number of accumulation units outstanding at end of period (expressed in thousands):
Accumulation units		2,525			2,617			2,912			3,330			3,689			4,103
Reserve units		147			160			185			220			214			245


¹	Ratios and portfolio turnover have been annualized and total return has not been annualized.

See accompanying notes

Lincoln National Variable Annuity Fund A–7

Lincoln National Variable Annuity Fund A
Notes to Financial Statements
June 30, 2009 (Unaudited)


1.	Significant Accounting Policies

The Fund–The Lincoln National Variable Annuity Fund A (Fund) is a segregated investment account of The Lincoln National Life Insurance Company (Lincoln Life). The Fund is registered under the Investment Company Act of 1940, as amended, as an open-end, diversified management investment company. The Fund’s investment objective is to maximize long-term growth of capital. The Fund invests primarily in equity securities diversified over industries and companies.

Investments–Equity securities, except those traded on the Nasdaq Stock Market, Inc. (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices will be used. Effective May 1, 2009, short-term debt securities having less than 60 days to maturity are valued at fair value. Prior to May 1, 2009, these securities were valued at amortized cost, which approximated fair value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Fund’s Board of Managers (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security.

Federal Income Taxes–Operations of the Fund form a part of, and are taxed with, operations of Lincoln Life, which is taxed as a “life insurance company” under the Internal Revenue Code. Under current law, no federal income taxes are payable with respect to the investment income and gains on investments of the Fund. Accordingly, no provision for any such liability has been made

Income–Dividends are recorded as earned on the ex-dividend date and interest is accrued as earned.

Annuity Reserves–Reserves on contracts not involving life contingencies are calculated using assumed investment rates of 3.5%, 4.5%, 5.0%, or 6.0%. Reserves on contracts involving life contingencies are calculated using the Progressive Annuity Table with the age adjusted for persons born before 1900 or after 1919 and assumed investment rates of 3.5%, 4.5%, 5.0%, or 6.0%.

Use of Estimates–The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Other–Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commission to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement accorded the order, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates during the six months ended June 30, 2009.


2.	Investments

The aggregate cost of investments purchased and the aggregate proceeds from investments sold (exclusive of short-term investments) during the six months ended June 30, 2009 amounted to $6,889,755 and $7,985,485, respectively.

The Fund applies Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157). FAS 157 defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. FAS 157 also establishes a framework for measuring fair value, and a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. The Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1–inputs are quoted prices in active markets

Level 2–inputs are observable, directly or indirectly

Level 3–inputs are unobservable and reflect assumptions on the part of the reporting entity

The following table summarizes the valuation of the Fund’s investments by the FAS 157 fair value hierarchy levels as of June 30, 2009:


	Level 1		Level 2		Total

Common Stock	$	38,848,396	$	—	$	38,848,396
Short-Term		—		760,000		760,000

Total	$	38,848,396	$	760,000	$	39,608,396

There were no Level 3 securities at the beginning or end of the period.

Lincoln National Variable Annuity Fund A–8

Lincoln National Variable Annuity Fund A
Notes to Financial Statements (continued)


3.	Expenses/Sales Charges and Other Transactions With Affiliates

Lincoln Life is responsible for overall management of the Fund’s investment portfolio and provides certain administrative services to the Fund. Lincoln Life is a direct wholly owned subsidiary of Lincoln National Corporation (LNC). For its services, Lincoln Life receives an investment management services fee at the rate of 0.000885% of the current value of the Fund per day (0.323% on an annual basis) and for mortality and expense guarantees at the rate of 0.002745% of the current value of the Fund per day (1.002% on an annual basis). In prior years, retired employees of Lincoln Life invested in Fund A at lower expense levels. As of June 30, 2009, $2,048,849 of such remains in the Fund at a unit value of $20.471. Lincoln Life retained $512 from the proceeds of the sale of annuity contracts during the six months ended June 30, 2009 for sales and administrative charges. Accordingly, Lincoln Life is responsible for all sales, general, and administrative expenses applicable to the Fund.

Delaware Management Company (the Sub-advisor) is responsible for the day-to-day management of the Fund’s investment portfolio. The Sub-advisor is a series of Delaware Management Business Trust (DMBT), a multi-series business trust registered with the Securities and Exchange Commission as an investment advisor. DMBT is an indirect wholly-owned subsidiary of LNC. For its services, the Sub-advisor is paid directly by Lincoln Life, not the Fund.

The custodian bank of the Fund has agreed to waive its custodial fees when the Fund maintains a prescribed amount of cash on deposit in certain non-interest bearing accounts. For the six months ended June 30, 2009, the custodial fee offset arrangement was not material to either expenses or to the calculation of average net assets and the ratio of expenses to average net assets.


4.	Net assets

Net assets at June 30, 2009 consisted of the following:


Equity transactions	$	(259,870,459	)
Accumulated net investment income		77,063,916
Accumulated net realized gain on investments		220,823,174
Net unrealized appreciation of investments		1,643,086

Net assets	$	39,659,717


5.	Summary of Changes in Equity Transactions


	Six Months Ended
	June 30, 2009						Year Ended
	(Unaudited)						December 31, 2008

	Units			Amount			Units			Amount

Accumulation Units:
Balance at beginning of period		2,617,093		$	(240,120,725	)		2,911,802		$	(234,802,057	)
Contract purchases		10,512			139,448			14,496			347,786
Terminated contracts		(102,858	)		(1,334,892	)		(309,205	)		(5,666,454	)

Balance at end of period		2,524,747		$	(241,316,169	)		2,617,093		$	(240,120,725	)


Annuity Reserves:
Balance at beginning of period		159,704		$	(18,332,207	)		184,838		$	(17,658,396	)
Annuity payments		(13,066	)		(222,083	)		(25,134	)		(673,811	)

Balance at end of period		146,638		$	(18,554,290	)		159,704		$	(18,332,207	)


6.	Credit Risk

The Fund may invest in securities exempt from registration under Section 4(2) of the Securities Act of 1933, as amended, which exempts from registration transactions by an issuer not involving any public offering. There were no Section 4(2) securities at June 30, 2009.

Lincoln National Variable Annuity Fund A–9

Lincoln National Variable Annuity Fund A
Notes to Financial Statements (continued)


7.	Subsequent Events

Effective June 30, 2009, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 165, Subsequent Events (FAS 165). In accordance with FAS 165, management has evaluated whether any events or transactions occurred subsequent to June 30, 2009 through July 17, 2009, date of issuance of the Fund’s financial statements, and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.

On December 9, 2008, the Fund’s Board approved a proposed reorganization of Fund A whereby (1) the assets and liabilities of Fund A (other than liabilities associated with insurance obligations) will be transferred to the LVIP Delaware Growth and Income Fund (LVIP G&I Fund), a series of Lincoln Variable Insurance Products Trust, in exchange for Standard Class shares of the LVIP G&I Fund and (2) Fund A will be restructured as a unit investment trust under the Investment Company Act of 1940 (Reorganization). On July 15, 2009, the contract owners approved the Reorganization, and the Reorganization occurred as of the close of business on July 17, 2009. The Fund continued to accept purchases from existing contract owners (including reinvested dividends or capital gains) until the last business day before the transfer.

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Fund’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. You may also request a copy by calling 1-800-4LINCOLN (454-6265).

For a free copy of the Fund’s proxy voting procedures and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, please call 1-800-4LINCOLN (454-6265) or visit the Securities and Exchange Commission’s website at http://www.sec.gov.

Lincoln National Variable Annuity Fund A–10

Item 2. Code of Ethics

Not Applicable.

Item 3. Audit Committee Financial Expert

Not Applicable.

Item 4. Principle Accountant Fees and Services

(a) Audit Fees

Not Applicable.

(b) Audit-Related Fees

Not Applicable.

(d) All Other Fees

Not Applicable.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

Not Applicable.

(e)(2) Not applicable.

(f) Not Applicable.

(g) Aggregate Non-Audit Fees

Not Applicable.

(h) Principal Accountant’s Independence

Not Applicable.

Item 5. Audit Committee of Listed Registrants

Not Applicable.

Item 6. Schedule of Investments

	(a)		The Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

	(b)		Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders

Not Applicable.

Item 11. Controls and Procedures

(a) The Registrant’s president and chief accounting officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits

(a) (1) Certification pursuant to Rule 30a-2 under the Investment Company Act of 1940 attached hereto as Exhibit 99.CERT.

(a) (2) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Lincoln National Variable Annuity Fund A (Registrant)



/s/ Kelly D Clevenger
Kelly D. Clevenger
President (Signature and Title) Date: August 27, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By	/s/ Kelly D. Clevenger
	Kelly D. Clevenger
	Chairman of the Board and President (Signature and Title)
Date: August 27, 2009



By	/s/ William P. Flory, Jr.
	William P. Flory, Jr.
	Chief Accounting Officer (Signature and Title)
Date: August 27, 2009

Lincoln National Variable Annuity Fund A N-CSRSCertified semi-annual shareholder report (management investment company)