LINCOLN NATIONAL SPECIAL OPPORTUNITIES FUND, INC.
SUPPLEMENT DATED SEPTEMBER 30, 2000 TO THE PROSPECTUS DATED MAY 1, 2000 AS
SUPPLEMENTED MAY 1, 2000
This supplement describes a change to the Prospectus for the Lincoln
National Special Opportunities Fund, Inc. (the "fund").
Under the section titled "Investment strategies" on page SO-3, the last
paragraph should be replaced in its entirety with the following:
"The fund seeks stocks of companies representing a wide
selection of industries and normally holds 200-250 stocks.
The fund uses a blend of quantitative analysis and fundamental
research in its effort to find the most attractive stocks in each
industry.This assessment includes a review of both a stock's value
factors (e.g., low price-to-earnings ratio, low price-to-book
ratio) and growth factors (e.g., improving earnings estimates).
The fund's holdings are reviewed daily. Current investments
are replaced if a possible new investment appears significantly
more attractive under the fund's investment criteria."
Under the section titled "Investment advisor and portfolio manager" on page
SO-4, the last sentence of the first paragraph and the entire second paragraph
are completely replaced with the following:
"Vantage's address is 2005 Market Street, Philadelphia, PA 19103.
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 $3.6 billion in assets
under management. Vantage began managing the Fund in 1985. J.
Paul Dokas, Managing Director at Vantage has assumed respon-
sibility for the day-to-day management of the fund's securities
investments. Prior to joining Vantage, Mr. Dokas was the Director
of Trust Investment at Bell Atlantic Corporation where he was
responsible for the investment strategies and asset allocation for
more than $10 billion in assets in the company's defined benefit and
defined contribution plans. Mr. Dokas is a Chartered Financial
Analyst and a member of the Association of Investment Management
and Research. He is also a Director of the Financial Analysts Society
of Philadelphia."
