EXHIBIT 99.23(d)(3)

                              ASSUMPTION AGREEMENT
                        INVESTMENT SUBADVISORY AGREEMENT


         This Assignment and Assumption Agreement is made as of December 31,
2000 by and between Lincoln Investment Management, Inc., an Illinois Corporation
("LIM") and Delaware Lincoln Investment Advisers ("DLIA"), a series of Delaware
Management Business Trust.

         WHEREAS, DLIA is a series of Delaware Management Business Trust, which
is a registered investment adviser pursuant to the Investment Advisers Act of
1940, as amended;

         WHEREAS, LIM consolidated with and into DLIA and, therefore, DLIA
intends to assume LIM's obligations under the Sub-Advisory Agreement dated May
1, 1999 (the "Agreement") between LIM and Putnam Investment Management, Inc.
(the "Subadviser") relating to the Lincoln National Aggressive Growth Fund, Inc.
(the "Fund");

         WHEREAS, the consolidation of LIM with and into DLIA does not result in
a change of control or management, and thus does not constitute an "assignment"
of the Agreement under the Investment Company Act of 1940, as amended;

         WHEREAS, DLIA's assumption of the Agreement was approved by the
Board of Directors of the Fund;

         NOW, THEREFORE, the parties hereto agree as follows:

    1.   The Agreement previously in effect between LIM and Subadviser is
         hereby assumed in its entirety by DLIA, except that all references to
         LIM shall be replaced with references to DLIA.

    2.   DLIA agrees to perform and be bound by all of the terms of the
         Agreement and the obligations and duties of LIM thereunder.

    3.   The Agreement shall continue in full force and effect as set forth
         therein for the remainder of its term.

IN WITNESS WHEREOF, the undersigned have executed this Assumption Agreement as
of the date set forth above.

LINCOLN INVESTMENT MANAGEMENT,            DELAWARE LINCOLN INVESTMENT
INC.                                      ADVISERS, a series of Delaware
                                          Management Business Trust

By: /s/ Steven R. Brody                   By: /s/ Dennis A. Blume
   ----------------------------------     ------------------------------------
Name:  Steven R. Brody                    Name:  Dennis A. Blume
Title: Vice President                     Title: Vice President

ACKNOWLEDGED:

LINCOLN NATIONAL AGGRESSIVE
GROWTH FUND, INC.

By: /s/ Kelly D. Clevenger
   ----------------------------------
Name:  Kelly D. Clevenger
Title: President