LINCOLN NATIONAL GROWTH & INCOME FUND INC
497, 2000-04-28
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                  LINCOLN NATIONAL GROWTH AND INCOME FUND, INC.

        SUPPLEMENT DATED MAY 1, 2000 TO THE PROSPECTUS DATED MAY 1, 2000

     This supplement describes certain changes to the Prospectus for the Lincoln
National Growth and Income Fund,  Inc. ("the Fund").  The effective date of this
change is May 1, 2000.  The third,  fourth and fifth  paragraphs  of the section
titled  "Investment  Adviser and  portfolio  manager" on pages GI-3 and GI-4 are
replaced in their entirety with the following:

     Vantage  is  responsible  for  the  day-to-day  management  of  the  fund's
securities  investments.  Vantage,  founded in 1979, is a U.S.  domestic  equity
manager with over $9 billion in assets under management.  Vantage began managing
the Fund in 1985. Vantage's  quantitative  portfolio management team has primary
responsibility for the day-to-day  management of the Fund.  Vantage's investment
team makes all  recommendations and decisions regarding the purchase and sale of
individual securities.
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                LINCOLN NATIONAL SPECIAL OPPORTUNITIES FUND, INC.

        SUPPLEMENT DATED MAY 1, 2000 TO THE PROSPECTUS DATED MAY 1, 2000

     This supplement describes certain changes to the Prospectus for the Lincoln
National Special  Opportunities  Fund, Inc. ("the Fund").  The effective date of
this  change is May 1, 2000.  The  second,  third and fourth  paragraphs  of the
section  titled  "Investment  Adviser  and  portfolio  manager" on page SO-4 are
replaced in their entirety with the following:

     Vantage  is  responsible  for  the  day-to-day  management  of  the  fund's
securities  investments.  Vantage,  founded in 1979, is a U.S.  domestic  equity
manager with over $9 billion in assets under management.  Vantage began managing
the Fund in 1985. Vantage's  quantitative  portfolio management team has primary
responsibility for the day-to-day  management of the Fund.  Vantage's investment
team makes all  recommendations and decisions regarding the purchase and sale of
individual securities.
- --------------------------------------------------------------------------------
                  LINCOLN NATIONAL SOCIAL AWARENESS FUND, INC.

        SUPPLEMENT DATED MAY 1, 2000 TO THE PROSPECTUS DATED MAY 1, 2000

This supplement describes certain changes to the Prospectus for the Lincoln
National Social  Awareness  Fund, Inc. ("the Fund").  The effective date of this
change is May 1, 2000.  The second and third  paragraphs  of the section  titled
"Investment  Adviser and  portfolio  manager" on page SA-4 are replaced in their
entirety with the following:

     Vantage  is  responsible  for  the  day-to-day  management  of  the  fund's
securities  investments.  Vantage,  founded in 1979, is a U.S.  domestic  equity
manager with over $9 billion in assets under management.  Vantage began managing
the Fund in 1988. Vantage's  quantitative  portfolio management team has primary
responsibility for the day-to-day  management of the Fund.  Vantage's investment
team makes all  recommendations and decisions regarding the purchase and sale of
individual securities.
- --------------------------------------------------------------------------------
                       LINCOLN NATIONAL MANAGED FUND, INC.

        SUPPLEMENT DATED MAY 1, 2000 TO THE PROSPECTUS DATED MAY 1, 2000

     This supplement describes certain changes to the Prospectus for the Lincoln
National  Managed Fund, Inc. ("the Fund").  The effective date of this change is
May 1, 2000. The fourth,  fifth,  sixth,  and seventh  paragraphs of the section
titled  "Investment  Adviser and portfolio  manager" on page M-7 are replaced in
their entirety with the following:

     Vantage is responsible  for the  day-to-day  management of the fund's stock
category of  investments.  Vantage,  founded in 1979, is a U.S.  domestic equity
manager with over $9 billion in assets under management.  Vantage began managing
the  Fund's  stock  category  of  investments  in 1985.  Vantage's  quantitative
portfolio  management  team  has  primary   responsibility  for  the  day-to-day
management of the Fund.  Vantage's investment team makes all recommendations and
decisions regarding the purchase and sale of individual securities.




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