THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
Lincoln National Growth and Income Fund, Inc.
Supplement dated June 23, 2000 to the Prospectus dated May 1, 2000,
as supplemented 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 JULY 1, 2000. The second paragraph of the section titled "Investment
Adviser and portfolio manager" on page GI-3 is replaced in its entirety with the
following:
"On June 23, 2000, the Board of Directors of the Fund voted to terminate
the sub-advisory relationship with Vantage Global Advisors, Inc. effective June
30, 2000, and to enter into a new sub-advisory relationship with Goldman Sachs
Asset Management, a division of Goldman, Sachs & Co. ("Goldman Sachs") EFFECTIVE
July 1, 2000. It is anticipated that a proxy statement explaining this situation
in further detail will be mailed to all contract owners of record in September,
2000 and an Annual Meeting of the Stockholder will be held in October, 2000.
Goldman Sachs will be responsible for the day-to-day management of the
Fund's securities investments. Goldman Sachs provides a wide range of
discretionary investment advisory services including, quantitatively driven and
actively managed U.S. and international equity portfolios, U.S. and global
fixed-income portfolios, commodity and currency products and money market
accounts. As of March 31, 2000, Goldman Sachs, along with other units in the
Investment Management Division of Goldman, Sachs & Co., had assets under
management of $267.8 billion. Goldman Sachs' quantitative equity team will have
primary responsibility for the day-to-day management of the Fund. Goldman Sachs'
investment team makes all recommendations and decisions regarding the purchase
and sale of individual securities. The team consists of Melissa Brown, Kent A.
Clark, Robert C. Jones, and Victor H. Pinter.
Melissa Brown is a Senior Quantitative Equity Portfolio Manager and has
been with Goldman Sachs since 1998. Ms. Brown's primary responsibility is
communicating CORE strategies, research, performance, etc., to existing and
potential clients. Prior to joining Goldman Sachs, Ms. Brown was the director of
Quantitative Equity Research at Prudential Securities for fifteen years and
served on the firm's Investment Policy Committee. She graduated from The Wharton
School of the University of Pennsylvania with a B.S. in Economics and received a
M.B.A. in Finance from New York University. She is also a Chartered Financial
Analyst.
Kent A. Clark is a Senior Quantitative Equity Portfolio Manager and has
been with Goldman Sachs since 1992. Mr. Clark manages portfolios of U.S. and
Global equities. Prior to joining Goldman Sachs, Mr. Clark was studying for a
Ph.D. in finance at the University of Chicago where his research interests
included the predictability of stock returns and foreign exchange risk hedging.
Mr. Clark received a Bachelor of Commerce degree from the University of Calgary
and a M.B.A. from the University of Chicago. He is also a Chartered Financial
Analyst.
Robert C. Jones is the Head of Global Quantitative Equities group, which
manages equity portfolios totaling $25 billion across a variety of investment
styles and client types. Mr. Jones has been with Goldman Sachs since 1989 and
with Goldman, Sachs & Co. since 1987. Prior to joining Goldman Sachs, Mr. Jones
provided quantitative research for both a major investment banking firm and an
options consulting firm. He received a B.A. from Brown University and a M.B.A.
from the University of Michigan. He is also a Chartered Financial Analyst.
Victor H. Pinter is a Senior Quantitative Equity Portfolio Manager and has
been with Goldman Sachs since 1989. Mr. Pinter manages the group that is
responsible for risk control and portfolio construction of both domestic and
international portfolios. Prior to joining Goldman Sachs, he was a project
manager in the Information Technology department of Goldman Sachs & Co. From
1981 to 1985, he was a senior consultant at Chase Econometrics/Interactive Data
Corp. He received a B.S. from Brooklyn College and a M.B.A. from New York
University's Stern School of Business."
Please keep this Supplement with your Prospectus.
