LINCOLN NATIONAL MANAGED FUND, INC. SUPPLEMENT DATED DECEMBER 31, 2000, TO
THE PROSPECTUS DATED MAY 1, 2000 AS SUPPLEMENTED MAY 1,2000 AND SEPTEMBER 30,
2000
This supplement describes certain changes to the Prospectus for Lincoln
National Managed Fund, Inc. ("fund"). Please read this supplement and retain it
with your Prospectus for reference. Under the section titled "Investment advisor
and portfolio manager" on page M-7, the following paragraphs should be added
after the fifth paragraph:
"On or about January 1, 2001, the investment capabilities of
Lincoln Investment and Vantage will be integrated into Delaware
Management Business Trust ("Delaware"). Delaware is a multi-series
business trust that is registered with the SEC as an investment
adviser. Like Lincoln Investments and Vantage, Delaware is a
wholly owned indirect subsidiary of Lincoln National Investments,
Inc., and ultimately of Lincoln National Corporation. The address of
Delaware is 2005 Market Street, Philadelphia, PA 19103.
As a result of the integration, the fund will be advised by the
Delaware Lincoln Investment Advisers series of Delaware. The fund
will no longer have a sub-advisor. The integration is not expected
to result in any changes in the investment personnel providing
services to the fund. Lincoln Investment and Vantage will cease
to exist as corporate entities after the integration.
Lincoln Investments and Vantage have concluded that the integration
with its affiliate, Delaware, will not result in an "assignment" of
the advisory or sub-advisory agreements that would require
shareholder approval under the Investment Company Act of 1940,
as amended. The fund's Board of Directors investment advisory and
sub-advisory arrangements on November 13, 2000."
PLEASE READ AND KEEP THIS SUPPLEMENT WITH YOUR PROSPECTUS
