EXHIBIT 5(c)
AMENDMENT
(EFFECTIVE JANUARY 1, 1998)
TO THE
ADVISORY AGREEMENT
(EFFECTIVE DATE SEPTEMBER 23, 1993)
BETWEEN
LINCOLN INVESTMENT MANAGEMENT, INC.
(FORMERLY: LINCOLN NATIONAL INVESTMENT MANAGEMENT COMPANY)
AND
LINCOLN NATIONAL EQUITY-INCOME FUND, INC.
Paragraph 6 of the Agreement relating to investment management for Lincoln
National Equity-Income Fund, Inc. is hereby amended to substitute the following
sentence for the first sentence of the paragraph:
"The Fund shall pay the Adviser, as full compensation for all services
rendered and all facilities and personnel furnished hereunder, a monthly
fee at the annual rate of .75 of 1% on the first $500 million of the
average daily net asset value of the Fund in each fiscal year, and .70 of
1% for all amounts in excess of $500 million during that fiscal year,
computed in the manner used for the determination of the offering price of
shares of the Fund."
LINCOLN INVESTMENT MANAGEMENT
COMPANY
By:
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H. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
LINCOLN NATIONAL EQUITY-INCOME
FUND, INC.
By:
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