Exhibit 99.23(d)(8)
AMENDMENT
(effective November 1, 1994)
to the
SUB-ADVISORY AGREEMENT
(effective December 20, 1993)
between
LINCOLN NATIONAL INVESTMENT MANAGEMENT COMPANY and
FIDELITY MANAGEMENT TRUST COMPANY
Paragraph 11 of the Agreement relating to investment management for Lincoln
National Equity - Income Fund, Inc. is hereby amended to insert the following
sentence at the beginning of the paragraph:
"The Fund shall own and control all the pertinent records pertaining to
transactions under this Agreement."
THE LINCOLN NATIONAL INVESTMENT MANAGEMENT COMPANY
By: /s/ H. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
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FIDELITY MANAGEMENT TRUST COMPANY
By: /s/ ▇▇▇▇ ▇. ▇'▇▇▇▇▇▇, ▇▇.
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