THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
Lincoln National Capital
Appreciation Fund, Inc.
Supplement Dated August 28, 2000 to Statement of
Additional Information Dated May 1, 2000
This supplement describes certain changes to the Statement of Additional
Information ("SAI") for the Lincoln National Capital Appreciation Fund, Inc.
(the "Fund"). The following replaces the first paragraph on page A-3 of the
General SAI Disclosure:
Effective July 12, 2000, Janus Capital is owned in part by Stilwell
Financial, Inc. ("Stilwell"), which owns approximately 81.5% of the
outstanding voting stock of Janus Capital. Stilwell is a publicly
traded holding company with principal operations in financial asset
management businesses. Thomas H. Bailey, President and Chairman
of the Board of Janus Capital, owns approximately 12% of Janus
Capital's voting stock and, by agreement with Stilwell, selects at
least a majority of Janus Capital's Board, subject to the approval
of Stilwell, which approval cannot be unreasonably withheld.
Please keep this Supplement with your Statement of Additional Information
for your future reference.
