<SEC-DOCUMENT>0000059558-23-000015.txt : 20230324
<SEC-HEADER>0000059558-23-000015.hdr.sgml : 20230324
<ACCEPTANCE-DATETIME>20230324080511
ACCESSION NUMBER:		0000059558-23-000015
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230324
DATE AS OF CHANGE:		20230324

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LINCOLN NATIONAL CORP
		CENTRAL INDEX KEY:			0000059558
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				351140070
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-265361
		FILM NUMBER:		23757706

	BUSINESS ADDRESS:	
		STREET 1:		150 N RADNOR CHESTER RD
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087
		BUSINESS PHONE:		4845831400

	MAIL ADDRESS:	
		STREET 1:		150 N RADNOR CHESTER RD
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LINCOLN NATIONAL CORP
		CENTRAL INDEX KEY:			0000059558
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				351140070
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		150 N RADNOR CHESTER RD
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087
		BUSINESS PHONE:		4845831400

	MAIL ADDRESS:	
		STREET 1:		150 N RADNOR CHESTER RD
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>fwpagentsbrokers202303.htm
<TEXT>
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    <div style="text-align: right; font-size: 12pt; font-weight: bold;">Filed Pursuant to Rule 433<br>
      Registration No. 333-265361</div>
    <div style="text-align: right; font-size: 12pt; font-weight: bold;">March 24, 2023</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>The following information is a Notice of Fund Changes relating to certain investment options under the Lincoln National Corporation Deferred Compensation Plan
      for Agents and Brokers (the &#8220;Plan&#8221;).&#160; For more information about each of the investment options offered under the Plan (except for the LNC Stock Fund), you should log on to Nolan Financial Group&#8217;s website at www.nolanlink.com or contact Nolan Financial Group at 888-907-8633. </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: right;">March 24, 2023</div>
    <div style="margin-top: 4pt;"><br>
    </div>
    <div style="text-align: center; margin-top: 4pt; font-weight: bold;">Notice of Fund Changes for:</div>
    <div style="text-align: center; margin-top: 4pt;">Lincoln National Corporation Deferred Compensation Plan</div>
    <div style="text-align: center; margin-top: 4pt;">for Agents and Brokers</div>
    <div style="text-align: center; margin-top: 4pt;">(the &#8220;Plan&#8221;)</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="margin-right: 2.7pt;">Dear Plan Participant:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The following information is a Notice of Fund Changes relating to certain investment options under the Lincoln National Corporation Deferred Compensation
      Plan for Agents and Brokers (the &#8220;Plan&#8221;).&#160; For more information about each of the investment options offered under the Plan* (except for the LNC Stock Fund), you should visit
      LincolnFinancial.com/RetirementInfoCenter&#160;or log on to Nolan Financial
      Group&#8217;s website at www.nolanlink.com or contact Nolan Financial Group at 888-907-8633.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Effective <font style="font-weight: bold;">April 25, 2023, </font>the Jackson Square
      SMID-Cap<font style="font-weight: bold;">&#160;</font>Growth CIT Fund (Class M)<font style="font-weight: bold;">&#160;</font>will be
      replaced with AB Discovery Growth Fund Class Z.&#160; Any account balances you have in, and/or future deferral investment elections going to the Jackson Square SMID-Cap Growth CIT Fund (Class M) at that time will automatically be mapped (or transferred)
      as shown in the chart below. Any contributions received on or after April 25, 2023 that are directed to the investment option being eliminated, will be mapped as shown in the chart below. <font style="font-weight: bold;"> Because this mapping (or transfer) is automatic, you do not need to take any action</font>.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zc1263744196242c4847e81a1357026c2" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 49.04%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-weight: bold;">If you are currently invested in the following investment option being <u>eliminated</u>:</div>
          </td>
          <td style="width: 50.96%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-weight: bold;">Your balance and investment elections will be transferred to the new investment option being <u>added</u>:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.38%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">24610F884</div>
          </td>
          <td style="width: 33.65%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="margin-right: 2.7pt;">Jackson Square SMID-Cap Growth CIT Fund (Class M)</div>
          </td>
          <td style="width: 15.38%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">CHCZX</div>
          </td>
          <td style="width: 35.58%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="margin-right: 2.7pt;">AB Discovery Growth Fund Class Z</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div>Prior to investing in a mutual fund investment option, an investor should consider carefully the investment objectives, risks, and charges and
              expenses of the investment company.&#160; The prospectus contains this and other important information and should be read carefully before investing.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 2.9pt; margin-bottom: 3pt; font-weight: bold;">What do you need to do?</div>
    <div style="text-align: justify;">Take a few minutes to review your investment portfolio.&#160; Make any changes you
        feel are necessary to meet your retirement savings goals.&#160; If you don&#8217;t want the investment of your existing account to be mapped (or transferred) as indicated, you may change your investment elections and/or make a reallocation on your own by
        initiating a transfer prior to 4:00 p.m. Eastern on <font style="font-weight: bold;">April 24, 2023.&#160; </font>Note that you cannot choose to keep any investments in or transfer any investments to the investment option being eliminated.&#160; For more information on the available investment options log on to your account at www.nolanlink.com or visit&#160;LincolnFinancial.com/RetirementInfoCenter. </div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">Please be sure to make any changes prior to April 24, 2023.</font>&#160;
      Of course, you could also wait until after the automatic mapping occurs if you wish to exchange investment options or change where your future deferrals are invested.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z8e161596867b4756932f81f10cfc3d4e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; vertical-align: top; text-align: right; font-size: 8pt; font-weight: bold;">*</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 8pt;">Reminder, your Plan account is not actually invested in the investment options offered under the Plan.&#160; Instead, the performance of the investment options is used solely
              as a measure to calculate the value of your Plan account, and eventual benefit.&#160; This is sometimes referred to as &#8220;phantom&#8221; or &#8220;notional&#8221; investing.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>Any transactions requested on April 24, 2023 (such as transfers) will not be processed while the investment option change is being made but will process
      normally once the investment option change is completed.&#160; Your account, however, will continue to be credited with investment results during the change.</div>
    <div><br>
    </div>
    <div style="margin-top: 3pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z647527c9f2864d7e8ef8bb2e32af233c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td nowrap="nowrap" style="width: 21.81%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">NEW INVESTMENT OPTION</div>
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Fund name</div>
          </td>
          <td style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Total annual operating expenses%</div>
          </td>
          <td style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Total annual operating expenses $</div>
          </td>
          <td style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Net operating expenses %</div>
          </td>
          <td style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Net operating expenses $</div>
          </td>
          <td style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">1-yr return %</div>
          </td>
          <td style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">5-yr return %</div>
          </td>
          <td style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">10-yr return %</div>
          </td>
          <td style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Since inception return %</div>
          </td>
          <td style="width: 9.5%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Inception date</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 21.81%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">&#160;AB Discovery Growth Fund Class Z (CHCZX)</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">0.64%</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">$6.40</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">0.64%</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">$6.40</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">-35.89%</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">6.43%</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">10.45%</div>
          </td>
          <td nowrap="nowrap" style="width: 9.5%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">5/30/2014</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zfc869745b39e4d7693cfc28e97a103a9" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td nowrap="nowrap" style="width: 21.81%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">ELIMINATED INVESTMENT OPTION</div>
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Fund name</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Total annual operating expenses%</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Total annual operating expenses $</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Net operating expenses %</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Net operating expenses $</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">1-yr return %</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">5-yr return %</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">10-yr return %</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Since inception return %</div>
          </td>
          <td nowrap="nowrap" style="width: 9.5%; vertical-align: middle; background-color: #F2F2F2; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Inception date</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 21.81%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">Jackson Square SMID-Cap Gr CIT Fd (Cl M) (24610F884)</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">0.75%</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">$7.50</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">0.75%</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">$7.50</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">-39.34%</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">3.21%</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">9.04%</div>
          </td>
          <td nowrap="nowrap" style="width: 8.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 9.5%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt;">6/30/2011</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 3pt;">Average returns provided are representative of performance as of December 31, 2022.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">Questions?</font><br>
      If you have any questions about these changes or would like to change your current account balance and/or investment elections under the Plan, contact Nolan Financial
        Group at 888-907-8633 or log on to your account at www.nolanlink.com.&#160; For more
        information about the Plan, please review the Plan&#8217;s current Summary Plan Description/Prospectus.</div>
    <div><br>
    </div>
    <div style="text-align: center;">**********</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="za03e5b93c2e2436985f16d9ddf16b740" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="border-bottom: 4px solid #000000; border-left: 4px solid #000000; border-right: 4px solid #000000; border-top: 4px solid #000000; vertical-align: top; width: 100%;">
            <div>&#160;</div>
            <div style="text-align: center; font-weight: bold;">This Notice contains important information about the Plan and</div>
            <div style="text-align: center; font-weight: bold;">should be kept with your Summary Plan Description/Prospectus.</div>
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>All of the internet website addresses are provided for your convenience.&#160; None of the information contained in such websites shall be deemed incorporated by
      reference in this document.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 2.9pt; font-weight: bold;">The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this
      communication relates.&#160; Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.&#160; You may get these
      documents free by visiting EDGAR on the SEC website at www.sec.gov.&#160; Alternately, the issuer will arrange to send you the prospectus if you request it by calling
      Nolan Financial Group at 888-907-8633.</div>
    <div><br>
    </div>
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</DOCUMENT>
</SEC-DOCUMENT>
