|
General
Information
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1
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|
Forward
Looking Statements-Cautionary Language
|
1
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|
Risk
Factors
|
3
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|
Summary
of the Plan
|
13
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|
Eligibility
and Participation
|
13
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|
Participant
Contributions
|
14
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|
Company
Contributions
|
15
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|
Account
Statements
|
16
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Limitations
on Contributions
|
16
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Expenses
of the Plan
|
17
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|
Vesting
|
17
|
|
Distributions
From the Plan
|
18
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|
Participant
Loans
|
21
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|
Lump
Sum Distributions
|
22
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|
Periodic
Payments of Distributions
|
23
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|
Fractional
Shares
|
24
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|
Beneficiary
Designation
|
25
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|
Assignment
|
25
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|
Amendment
or Termination of the Plan
|
25
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|
Administration
of the Plan
|
26
|
|
Federal
Income Tax Consequences
|
27
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|
Your
Rights and Protections Under ERISA
|
29
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|
ERISA
Claims Procedures
|
31
|
|
Important
Information About This Plan
|
31
|
|
Valuation
of Investments
|
33
|
|
Your
Investment Options
|
34
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|
Plan
Interests are Securities
|
56
|
|
Lincoln
National Corporation Common Stock, Shareholders Rights Plan and
Preferred
Stock
|
56
|
|
Experts
|
60
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|
Legal
Matters
|
60
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|
Where
You Can Find More Information
|
60
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|
Documents
Incorporated By Reference
|
61
|
|
Index
to Plan Financial Statements
|
62
|
|
Information
Not Included in the Prospectus
|
II-1
|
|
Index
to Exhibits
|
E-1
|
| · |
Legislative,
regulatory or tax changes, both domestic and foreign, that affect
the cost
of, or demand for, LNC’s products, the required amount of reserves and/or
surplus, or otherwise affect our ability to conduct business, including
changes to statutory reserves and/or risk-based capital requirements
related to secondary guarantees under universal life and variable
annuity
products such as Actuarial Guideline 38; restrictions on revenue
sharing
and 12b-1 payments; and the potential for United States federal
tax
reform;
|
| · |
The
initiation of legal or regulatory proceedings against LNC or its
subsidiaries and the outcome of any legal or regulatory proceedings,
such
as: (a) adverse actions related to present or past business practices
common in businesses in which LNC and its subsidiaries compete;
(b)
adverse decisions in significant actions including, but not limited
to,
actions brought by federal and state authorities, and extra-contractual
and class action damage cases; (c) new decisions which change the
law; and
(d) unexpected trial court rulings;
|
| · |
Changes
in interest rates and reductions in or continued low interest rates
may
cause a reduction of investment income, the margins of LNC’s fixed annuity
and life insurance businesses and demand for LNC’s products;
|
| · |
A
decline in the equity markets may cause a reduction in the sales
of LNC’s
products, a reduction of asset fees that LNC charges on various
investment
and insurance products, an acceleration of amortization of deferred
acquisition costs (“DAC”), deferred sales inducements (“DSI”),
the value of business acquired (“VOBA”) and deferred
front-end sales loads (“DFEL”) and an increase in liabilities related to
guaranteed benefit features of LNC’s variable annuity products;
|
| · |
Ineffectiveness
of LNC’s various hedging strategies used to offset the impact of declines
in the equity markets;
|
| · |
A
deviation in actual experience regarding future persistency, mortality,
morbidity, interest rates and equity market returns from LNC’s assumptions
used in pricing its products, in establishing related insurance
reserves,
and in the amortization of intangibles that may result in an increase
in
reserves and a decrease in net income;
|
| · |
Changes
in accounting principles generally accepted in the United States
(“GAAP”)
that may result in unanticipated changes to LNC’s net income;
|
| · |
Lowering
of one or more of LNC’s credit ratings issued by nationally recognized
statistical rating organizations, and the adverse impact such action
may
have on LNC’s ability to raise capital and on its liquidity and financial
condition;
|
| · |
Lowering
of one or more of the insurer financial strength ratings of LNC’s
insurance subsidiaries, and the adverse impact such action may
have on the
premium writings, policy retention, and profitability of its insurance
subsidiaries;
|
| · |
standards
of minimum capital requirements and solvency, including risk-based
capital
measurements;
|
| · |
restrictions
of certain transactions between our insurance subsidiaries and
their
affiliates;
|
| · |
restrictions
on the nature, quality and concentration of investments;
|
| · |
restrictions
on the types of terms and conditions that we can include in the
insurance
policies offered by our primary insurance operations;
|
| · |
limitations
on the amount of dividends that insurance subsidiaries can pay;
|
| · |
the
existence and licensing status of the company under circumstances
where it
is not writing new or renewal business;
|
| · |
certain
required methods of accounting;
|
| · |
reserves
for unearned premiums, losses and other purposes; and
|
| · |
assignment
of residual market business and potential assessments for the provision
of
funds necessary for the settlement of covered claims under certain
policies provided by impaired, insolvent or failed insurance companies.
|
| · |
current
employees and agents may experience uncertainty about their future
roles
with the new company, which might adversely affect our ability
to retain
key managers and other employees and
agents; and
|
| · |
the
attention of our management may be directed toward the recently
completed
merger and not their ongoing business.
|
| · |
perceived
adverse changes in product offerings available to clients or client
service standards, whether or not these changes do, in fact,
occur;
|
| · |
conditions
imposed by regulators in connection with their decisions whether
to
approve the merger;
|
| · |
potential
charges to earnings resulting from the application of purchase
accounting
to the transaction;
|
| · |
the
retention of existing clients, key portfolio managers, sales
representatives and wholesalers of each company;
and
|
| · |
retaining
and integrating management and other key employees of the resulting
company.
|
| · |
you
must designate a rate of pre-tax contributions (between 1% and
25%);
|
| · |
you
must provide Wells Fargo with investment directions specifying
how you
want your Pre-Tax Contributions, your Company Contributions, and
your
Rollover Contributions*, if any, invested;
and
|
| · |
you
must designate a beneficiary to receive benefits under the Plan
in the
event of your death.
|
| · |
be
age 50 or older by the end of such Plan
Year;
|
| · |
have
contributed the maximum annual pre-tax contribution amount allowable
under
various IRS and Plan limits (described above);
and
|
| · |
have
contributed at the maximum rate allowed by the Plan for the entire
Plan
Year (25%, or 9% if you are a highly compensated
participant).
|
|
Years
of Service
|
Percent
Vested
|
|
1
|
0%
|
|
2
|
50%
|
|
3
or more
|
100%
|
| · |
disability;
|
| · |
retirement;
|
| · |
death;
or
|
| · |
your
termination as an agent for LNL.
|
| · |
the
date you complete five (5) years of service for
us;
|
| · |
the
date you cease being an agent for us or an employee for any of
our
affiliates;
|
| · |
the
date you retire;
|
| · |
the
date of your death; or
|
| · |
the
date you become disabled.
|
| · |
the
minimum amount you can withdraw at any time is $500;
|
| · |
if
the amount in your After-Tax Contribution account is less than
$500, you
must withdraw the entire amount;
and
|
| · |
you
may not be able to take an immediate distribution from your After-Tax
Contribution account if the Plan is terminated or if a notice of
Plan
termination has been issued.
|
| · |
the
minimum amount you can withdraw at any time is $500;
|
| · |
if
the amount in your Company Contribution account is less than $500,
you
must withdraw the entire amount;
and
|
| · |
you
may not be able to take an immediate distribution from your Company
Contribution account if the Plan is terminated or if a notice of
Plan
termination has been issued.
|
| · |
the
minimum amount you can withdraw at any time is $500;
|
| · |
amounts
attributable to employer contributions that were rolled over to
the Plan
may not be withdrawn for two years from the date of the rollover
(if the
rollover was from a plan sponsored by one of our affiliates, the
Committee
may determine that the two-year restriction period is measured
from the
date the contribution was made by the employer);
and
|
| · |
you
may not be able to take an immediate distribution from your Rollover
account if the Plan is terminated or if a notice of Plan termination
has
been issued.
|
| · |
the
minimum amount you can withdraw at any time is $500;
and
|
| · |
the
maximum available for withdrawal will be reduced, under a formula
provided
in the Plan, for any outstanding loan balances you have with the
Plan at
the time you request the
withdrawal.
|
| · |
the
existence of certain non-reimbursable medical expenses;
|
| · |
tuition
and related educational fees (including room and board) for post-secondary
education for you or your
dependents;
|
| · |
the
purchase (excluding mortgage payments) of a primary residence;
and
|
| · |
the
imminent foreclosure of, or your eviction from, your primary
residence.
|
| · |
you
must have taken all distributions other than hardship distributions
first,
and all non-taxable loans currently available under all plans that
we and
our affiliates maintain;
|
| · |
you
may not make any Pre-Tax Contributions to the Plan, or to any other
pension, profit-sharing or deferred compensation plan sponsored
by us, for
6 months from the date of receipt of the hardship withdrawal;
and
|
| · |
the
amount that you may contribute to your Pre-Tax Contribution account
during
the calendar year after the year in which you receive your hardship
withdrawal will be reduced by the amount you contributed to your
Pre-Tax
Contribution account in the year of the hardship
withdrawal.
|
| · |
You
may borrow up to fifty percent (50%) of your vested Plan account
balance,
not to exceed $50,000. You may have up to two outstanding loans
at any one
time, as long as the combined amounts do not exceed the maximums
stated
above.
|
| · |
There
is a $50 loan origination fee charged by Wells Fargo, the Plan
Trustee and
record keeper.
|
| · |
If
you had any loans during the prior 12 months from any qualified
plan
maintained by us, the $50,000 maximum loan referred to in (1) above
will
be further reduced by the total of the highest outstanding loan
balances
for the previous 12-month period.
|
| · |
Your
requested loan amount will first be taken out of your Pre-Tax Contribution
account. If there is not a sufficient amount in your Pre-Tax Contribution
account, the remaining amount will be taken out of your After-Tax
account,
Rollover account, matured Company Contribution account, and non-matured
Company Contribution account, in that order. The loan amount will
be taken
out of each Investment Account in which such balances are invested,
on a
pro-rata basis.
|
| · |
In
general, a loan must be repaid through payroll deduction over a
period of
no more than 60 months and for interest at the then prevailing
rate for
loans of a similar nature. For loans used to acquire a primary
residence,
as defined by Section 267(c)(4) of the Code, the term of the loan
may be
up to 240 months.
|
| · |
The
loan is subject to withdrawal restrictions applicable to the Investment
Accounts in which your Pre-Tax Contribution account, your matured
Company
Contribution account, your non-matured Company Contribution account,
and
your Rollover account is invested.
|
| · |
In
the event that you have an outstanding loan balance when your Pre-Tax
Contribution account is paid to you or your beneficiary because
of your
disability, termination, retirement, or attainment of age 59-1/2,
the loan
balance (including accrued interest) will be deducted from the
amount
otherwise payable. For purposes of this Plan, “disability” and
“retirement” are defined in the section entitled “Lump Sum Distributions”
directly below. If you or your beneficiary defers this distribution
to a
later date, you must pay the outstanding loan balance within 90
days of
termination or retirement.
|
| · |
Contributions
used to repay the loan will be invested in the same manner as your
current
investment allocations. If you are not currently contributing to
the Plan,
you must separately indicate the investment allocation for the
repayment
of the loan.
|
| · |
The
Committee can adopt written loan procedures, which may impose other
terms
and conditions. These loan procedures are available upon request
from our
Human Resources department.
|
| · |
no
amendment shall be made that will result in the recovery by us
of any part
of a Company Contribution to the Plan, except under limited circumstances
as may be provided under the trust agreement and permitted under
the
Code;
|
| · |
any
amendment that affects the rights and duties of the Plan Trustee
may be
made only with the consent of the Plan
Trustee;
|
| · |
no
amendment of the Plan shall affect your rights with respect to
the
continuance of vesting of such securities and cash attributable
to Company
Contributions or earnings thereon;
and
|
| · |
upon
the termination or suspension of the Plan, your rights to the amounts
credited to your Plan account(s) as of the date of such termination
or
suspension shall not be
forfeitable.
|
|
Name
|
Committee
Title
|
|
Stephen
Dover
|
Chairman
|
|
Barbara
Bird
|
Secretary
|
|
Duane
Bernt
|
Member
|
|
Sharon
Marnien
|
Member
|
|
Carolyn
McIntyre
|
Member
|
|
Kim
Miner
|
Member
|
|
Tim
Sexton
|
Member
|
| · |
Your
account is paid to you after age 59
½;
|
| · |
Your
account is paid to you after you leave LNL on or after the date
you reach
age 55;
|
| · |
Your
account is paid to you or your beneficiary(ies) because of your
death or
in most cases of disability (as defined in the Section entitled
“Lump Sum
Distributions” above);
|
| · |
You
incur certain tax-deductible medical expenses for the
year;
|
| · |
Payment
is directed to another person pursuant to a qualified domestic
relations
order;
|
| · |
Payment
is made in substantially equal installments over your life expectancy
or
the joint life expectancy of you and your spouse/beneficiary (however,
the
Plan does not currently offer a lifetime annuity option);
or
|
| · |
You
roll over or directly transfer the taxable amount of your account
to an
IRA or another qualified employer-sponsored plan as defined by
the Code
(e.g., an IRA or individual retirement account or annuity, or other
qualified plan (a “rollover”).
|
| · |
Examine,
without charge, at the Plan Administrator’s office and at other locations,
all Plan documents, including insurance contracts and a copy of
the latest
annual report (Form 5500 Series) filed by the Plan Administrator
with the
U.S. Department of Labor and available at the Public Disclosure
Room of
the Pension and Welfare
Administration.
|
| · |
Obtain,
upon written request to the Plan Administrator, copies of all Plan
documents, including insurance contracts, copies of the latest
annual
report (Form 5500 Series) filed by the Plan Administrator with
the U.S.
Department of Labor, and updated summary plan description. The
Plan
Administrator may make a reasonable charge for the
copies.
|
| · |
Receive
a summary of the Plan’s annual financial report. The Plan Administrator is
required by law to furnish each Participant with a copy of this
summary
annual report when requested.
|
|
Investment
Option
|
Annualized
Returns as of October 31, 2005*
|
|||
|
1
Year
|
3
Years
|
5
Years
|
10
Years
|
|
|
LNC
Common Stock1
|
18.14
|
18.90
|
1.35
|
9.27
|
|
Guaranteed
Account2
|
4.00
|
4.03
|
4.63
|
5.57
|
|
(SA
#14) Short Term
|
2.97
|
1.83
|
2.64
|
4.33
|
|
(SA
#12) Government/Corporate Bond
|
2.60
|
7.11
|
8.37
|
7.34
|
|
(SA
#20) High Yield Bond
|
5.29
|
17.53
|
9.17
|
8.40
|
|
(SA
#30) Conservative Balanced
|
5.89
|
8.31
|
5.52
|
7.09
|
|
(SA
# 21) Balanced
|
9.52
|
11.65
|
2.43
|
7.91
|
|
(SA
# 32) Aggressive Balanced
|
11.17
|
13.48
|
2.61
|
7.95
|
|
(SA
# 61) Delaware Value **
|
10.65
|
13.72
|
1.05
|
5.943
|
|
(SA
# 28) Value Equity
|
11.02
|
14.04
|
3.16
|
7.66
|
|
(SA
# 11) Core Equity
|
10.23
|
13.76
|
-0.92
|
8.58
|
|
(SA
# 27) Scudder VIT Equity 500 Index**
|
8.40
|
12.47
|
-1.97
|
4.314
|
|
(SA
# 35) Fidelity VIP Contrafund**
|
19.74
|
17.44
|
4.50
|
11.62
|
|
(SA
# 59) Fidelity VIP Overseas**
|
17.55
|
19.27
|
0.67
|
6.17
|
|
(SA
# 54) American Funds International5 **
|
19.07
|
21.53
|
1.85
|
9.91
|
|
(SA
# 38) Neuberger Berman AMT Regency**
|
17.42
|
20.87
|
11.146
|
N/A
|
|
(SA
# 33) Social Awareness
|
15.68
|
16.70
|
0.40
|
10.34
|
|
(SA
# 23) Large Capitalization Equity
|
19.81
|
12.01
|
-6.88
|
7.31
|
|
(SA
# 22) International Equity
|
18.00
|
23.68
|
10.91
|
8.50
|
|
(SA
# 70) Janus Aspen Series Large Cap Growth
|
7.66
|
9.58
|
-8.39
|
6.49
|
|
(SA#
81)BlackRock Legacy7
|
10.44
|
11.41
|
-3.41
|
N/A
|
|
(SA
# 34) American Funds New Perspective**
|
13.39
|
12.13
|
-5.63
|
0.048
|
|
(SA
# 37) Neuberger Berman AMT Mid-Cap Growth
|
14.65
|
14.72
|
-6.83
|
8.639
|
|
(SA
# 17) Medium Capitalization Equity
|
13.08
|
16.08
|
-8.13
|
5.45
|
|
(SA
# 36) Scudder VIT Small Cap Index**
|
11.57
|
20.98
|
6.32
|
6.3210
|
|
(SA
# 24) Small Capitalization Equity
|
8.63
|
16.75
|
-2.99
|
10.27
|
| 1. |
Performance
results have been adjusted to reflect dividends paid and stock
splits. The
data represents the historical unitized value of the LNC Common
Stock
Account.
|
|
2.
|
Performance
reflects the average rates of return during the specified
periods.
|
|
3.
|
Performance
stated is the performance of SA#61 as of its inception date in
June 1996.
Performance stated is a blend of performance data on the previous
underlying investment option, the Delaware Growth and Income
Fund (prior to November 2004), and performance data for the current
underlying investment option, the Delaware Value Fund - which
has been the
underlying investment option of SA#61 since November
2004.
|
|
4.
|
Performance
stated is the performance of the underlying Scudder Fund as of
the fund’s
date of inception on October 1,
1997.
|
|
5.
|
This
Fund will be added as an Investment Option effective March 1,
2006.
|
|
6.
|
Performance
stated is the performance of SA#38 as of its inception on August
22, 2001.
Performance stated is a blend of the previous underlying investment
option, Neuberger Berman Partners, and the current underlying
investment
option - Neuberger Berman AMT Regency, which has been the underlying
investment option of SA#38 since August
2001.
|
|
7.
|
This
Fund will be added as an Investment Option effective March 1,
2006.
Performance stated is the performance of SA#81 as of its inception
date on
December 31, 1997.
|
|
8.
|
Performance
stated as the performance of SA#34 as of its inception date in
1998.
Performance stated is a blend of the previous underlying investment
option. Janus Aspen World Wide Growth, and the current underlying
investment option - American Funds New Perspective - which has
been the
underlying investment option of SA#34 since May
2004.
|
|
9.
|
Performance
stated is the performance of the underlying Neuberger Berman
Fund as of
the fund’s date of inception, November 3,
1997.
|
|
10.
|
Performance
stated is the performance of the underlying Scudder Fund as of
the fund’s
date of inception, August 25, 1997.
|
| · |
Investment
Objectives:
The Account seeks to provide a competitive current interest rate
that
translates into the highest possible return with the lowest level
of risk
while also offering the protection of principal.
|
| · |
Investment
Strategies:
The Guaranteed Account is part of the general account of LNL and
is backed
by the general credit worthiness and the claims paying ability
of
LNL.
The general account
invests in government bonds, high-quality corporate bonds, and
other
high-quality asset classes in keeping with the investment policy
statement
for the portfolio. Annual transfers from the Guaranteed Account
are
limited to 25% of the value of your investment in the Guaranteed
Account.
|
| · |
Primary
Risk:
Interest Rate Risk.
|
| · |
Account
Manager: Delaware
Investment Advisers is the registered investment advisor.
|
| · |
Expense:
0.00%. No asset charges are deducted from participant
accounts.
|
| · |
Investment
Objectives: The
Account seeks to maximize current income consistent with the preservation
of capital and liquidity. The long-term investment objective is
to exceed
the performance of the Citigroup 90-day Treasury Bill Index.
|
| · |
Investment
Strategies:
The Account invests primarily in a portfolio of short-term money
market
instruments (commercial paper, bankers’
acceptances, certificates of deposit, loan participation agreements,
repurchase agreements, and short-term U.S. government debt)
maturing within one year from the date of purchase.
|
| · |
Primary
Risks: Inflation
Risk; Liquidity Risk; Market Risk; Credit Risk; Interest Rate Risk.
Although
the Account seeks to preserve the value of your investment at $1.00
per
share, it is possible to lose money by investing in the Account
if there
is a significant level of obligor defaults. An investment in the
Short
Term Account is not insured or guaranteed by the FDIC or any other
government agency.
|
| · |
Account
Manager: Delaware
Investment Advisers is the registered investment advisor.
|
| · |
Expenses:
0.60%
|
| · |
Investment
Objectives:
The Account seeks to maximize long-term total return through a
combination
of current income and capital appreciation. The long-term objective
is to
exceed the total return of the Lehman Brothers Aggregate Bond
Index.
|
| · |
Investment
Strategies:
The Account invests primarily in a portfolio of investment-grade
fixed-income securities including bonds and other debt securities
with
maturities generally exceeding one year, preferred stocks consistent
with
the investment objective, and futures and options contracts. The
average
portfolio quality may be no less than A/A with no more than 50%
of the
portfolio invested in securities rated Baa/BBB or lower by Moody’s and
S&P, respectively. The Account may also invest in foreign bonds and
high-yield bonds and may have high-yield bond holdings of up to
10%. The
maximum range of investments allowed by asset category are:
50%
money market instruments, 100% public bonds, 5% convertible bonds,
and 5%
preferred stock and convertible preferred stock. The Account can
also
invest in futures and options. The Account diversification maximums
are:
25% per industry, 5% per non-government issuer, 50% mortgage-backed
securities, 30% supra-national entities (such as the World Bank),
and 5%
non-dollar (un-hedged). The
duration of the Account is targeted to the duration of the Lehman
Brothers
Aggregate Index.
|
| · |
Primary
Risks:
Inflation Risk; Liquidity Risk; Call/Prepayment Risk; Credit Risk;
Interest Rate Risk; Manager Risk; and Market Risk. The
Account is exposed to the general risks of investing in bonds as
well as
investing in foreign securities.
|
| · |
Account
Manager: Delaware
Investment Advisers is the registered investment advisor.
|
| · |
Expense:
0.75%
|
| · |
Investment
Objectives:
The Account seeks to
maximize long-term total return through a combination of current
income
and capital appreciation. The long-term investment objective is
to exceed
the total return of the Merrill Lynch High Yield Master I Index.
|
| · |
Investment
Strategies: The
Account invests in a well-diversified portfolio of fixed-income
securities
rated below investment grade. Investments include, but not limited
to,
bonds and other debt securities with maturities generally exceeding
one
year, high-quality money market instruments, warrants, common stock,
or
preferred stock which, in the aggregate, do not exceed 5% of the
portfolio. The average quality of the Account will be rated at
least B2/B
with no more than 20% rated B3/B- or lower by Moody’s and S&P,
respectively. No more than 5% of the Account shall be invested
in the
securities of any company. Foreign national securities are limited
to an
aggregate of 15%. No more than 25% of the Account shall be invested
in
companies within the same industry. Convertible bonds are limited
to 5% of
the portfolio.
|
| · |
Primary
Risks:
Inflation Risk; Liquidity Risk; Credit Risk; Interest Rate Risk;
Manager
Risk; and Market Risk. The
Account invests in lower-quality bonds and therefore may be at
risk for
the issuer not being able to repay the promised interest or
principal. High
yield bonds experience higher volatility and increased credit risk
when
compared to other fixed income investments and investment grade
bonds
paying a higher rate of interest to pay the investor for the increased
level of risk. To manage this higher investment risk, the Account
manager
monitors the bond issuer’s performance and constantly evaluates the
risk/reward characteristics of the securities as well as the
diversification requirements.
|
| · |
Account
Manager: Delaware
Investment Advisers is the registered investment advisor.
|
| · |
Expense:
0.75%
|
| · |
Investment
Objectives:
The Account seeks to
maximize long-term total return through a combination of current
income
and capital appreciation, with an aggressive level of risk. The
long-term
investment objective is to exceed the median return of the Lipper
Flexible
Portfolio Peer Group, and to exceed the median return of its customized
benchmark index (55% Russell 1000, 15% MSCI EAFE, 25% Lehman Brothers
Aggregate Bond, 5% Citigroup 90-Day T-Bill).
|
| · |
Investment
Strategies: The
Account invests in the following investment sectors: common stocks
and
other equity securities—including international equities—and debt
securities with conversion privileges, and bonds and other debt
securities
with maturities generally exceeding one year, including straight
debt
securities, convertible bonds, obligations issued or guaranteed
by the
U.S. Government or its agencies, and dollar-denominated securities
guaranteed by foreign governments. In addition, the Account also
invests
in high quality money market instruments and other debt securities
with
maturities generally not exceeding one year. The Account may also
accomplish its investment objectives through the purchase of the
units of
other LNL Separate Accounts available to qualified pension plans:
SA 32
may invest in Core Equity (SA#11), Government/Corporate Bond (SA#12),
Short Term (SA#14), Medium Capitalization Equity (SA#17), High
Yield Bond
(SA#20), International Equity (SA#22), Large Capitalization Equity
(SA#23), Small Capitalization Equity (SA#24), and Value Equity
(SA#28).
This Account invests heavily in equity securities. The range of
investment
allowed in each investment sector at the separate account level
is: 40-90%
equities (including up to 30% international equities), 0-40% fixed
income,
and 0-60% short term. These sector allocations may vary from time
to
time.
|
| · |
Primary
Risk:
Inflation Risk; Liquidity Risk; Country Risk; Credit Risk; Interest
Rate
Risk; Manager Risk; and Market Risk.
|
| · |
Account
Manager: Delaware
Investment Advisers is the registered investment advisor.
|
| · |
Expense:
0.75%
|
| · |
Investment
Objectives: The
Account seeks to maximize long-term total return through a combination
of
current income and capital appreciation with moderate level of
risk. The
long-term investment objective is to exceed the median return of
the
Lipper Balanced Funds Peer Group, and to exceed the median return
of its
customized benchmark index (45% Russell 1000, 10% MSCI EAFE, 40%
Lehman
Brothers Aggregate Bond, 5% Citigroup 90-Day T-Bill).
|
| · |
Investment
Strategies: The
Account invests in the following investment sectors: common stocks
and
other equity securities—including international equities—and debt
securities with conversion privileges, and bonds and other debt
securities
with maturities generally exceeding one year, including straight
debt
securities, convertible bonds, obligations issued or guaranteed
by the
U.S. Government or its agencies, and dollar-denominated securities
guaranteed by foreign governments. In addition, the Account also
invests
in high quality money market instruments and other debt securities
with
maturities generally not exceeding one year. The Account may also
accomplish its investment objectives through the purchase of the
units of
other LNL Separate Accounts available to qualified pension plans:
Core
Equity (SA#11), Government/Corporate Bond (SA#12), Short Term (SA#14),
Medium Capitalization Equity (SA#17), High Yield Bond (SA#20),
International Equity (SA#22), Large Capitalization Equity (SA#23),
Small
Capitalization Equity (SA#24), and Value Equity (SA#28). The range
of
investment allowed in each investment sector at the separate account
level
is: 20-70% equities (including up to 20% international securities),
15-60%
fixed income and 0-65% short term. These sector allocations may
vary from
time to time.
|
| · |
Primary
Risk:
Inflation Risk; Liquidity Risk; Country Risk; Credit Risk; Interest
Rate
Risk; Manager Risk; and Market Risk.
|
| · |
Account
Manager: Delaware
Investment Advisers is the registered investment advisor.
|
| · |
Expense:
0.75%
|
| · |
Investment
Objectives:
The Account seeks to
maximize long-term total earnings through a combination of current
income
and capital appreciation with a conservative level of risk. The
long-term
investment objective is to exceed the median return of the Lipper
Income
Funds Peer Group, as well as to exceed median return of its customized
benchmark index (20% Russell 1000, 5% MSCI EAFE, 60% Lehman Brothers
Aggregate Bond, 15% Citigroup 90-Day T-Bill).
|
| · |
Investment
Strategies: The
Account invests in the following investment sectors: common stocks
and
other equity securities—including international equities—and debt
securities with conversion privileges, and bonds and other debt
securities
with maturities generally exceeding one year, including straight
debt
securities, convertible bonds, obligations issued or guaranteed
by the
U.S. Government or its agencies, and dollar-denominated securities
guaranteed by foreign governments. Investments in fixed income
securities
rated below investment grade is limited to 5% of the portfolio.
In
addition, the Account also invests in high quality money market
instruments and other debt securities with maturities generally
not
exceeding one year. The Account may also accomplish its investment
objectives through the purchase of the units of other LNL Separate
Accounts available to qualified pension plans: Core Equity (SA#11),
Government/Corporate Bond (SA#12), Short Term (SA#14), Medium
Capitalization Equity (SA#17), High Yield Bond (SA#20), International
Equity (SA#22), Large Capitalization Equity (SA#23), Small Capitalization
Equity (SA#24), and Value Equity (SA#28). The range of investment
allowed
in each investment sector at the separate account level is: 0-40%
equities
(including up to 10% international equities), 30-80% fixed income,
and
0-70% short term. These sector allocations may vary from time to
time.
|
| · |
Primary
Risk:
Inflation Risk; Liquidity Risk; Country Risk, Credit Risk; Interest
Rate
Risk; Manager Risk; and Market Risk.
|
| · |
Account
Manager: Delaware
Investment Advisers is the registered investment advisor.
|
| · |
Expense:
0.75%
|
| · |
Investment
Objectives: The
Account seeks long-term capital appreciation by investing primarily
in
large-capitalization companies that are believed to have long-term
capital
appreciation potential. The
long-term objective is to exceed the return of the Russell 1000
Value
Index.
|
| · |
Investment
Strategies: To
achieve its objective, this Account invests
in shares of the Delaware Value Fund (the “Fund”), a mutual fund of
Delaware Management Business Trust. The Fund invests primarily
in
large-capitalization companies that have long-term capital appreciation
potential. The Fund currently defines large-cap stocks as those
with
market capitalization of $5 billion or greater at time of purchase.
The
Fund will not seek current income as a secondary objective. The
Fund’s
managers follow a value-oriented investment philosophy in selecting
stocks
using a research-intensive approach and considering such factors
as:
security prices that reflect a market valuation that is judged
to be below
the estimated present or future value of the company; favorable
earnings
growth prospects; expected above-average return on equity and dividend
yield; the financial consideration of the issuer; and various qualitative
factors.
|
| · |
Primary
Risks:
Inflation Risk; Liquidity Risk; Manager Risk; Investment-Style
Risk; and
Market Risk. Since this Account is invested in the Delaware Value
Fund,
which is an equity-based fund, there is a risk that the value of
securities in a particular industry or the value of an individual
stock
will decline due to changing expectations for the performance of
that
industry or the individual company issuing the stock.
|
| · |
Account
Manager: The
Separate Account is managed by Delaware Investment Advisers, and
the fund
manager is Delaware
Management Company.
|
| · |
Expense:
The operating expenses associated with the Fund have been deducted
from
the rates of return. At the Separate Account level, the fee is
0.30%; at
the Fund level the fee is 0.75%, for a total expense of
1.05%.
|
| · |
Investment
Objectives:
The Account seeks to maximize
long-term total return. The long-term objective is to exceed the
total
return of the Russell 1000 Value Index over a market cycle.
|
| · |
Investment
Strategies: The
Account invests in a portfolio of undervalued common stocks of
large-capitalization companies. The average market capitalization
of the
stocks in the portfolio exceeds $5 billion. The portfolio manager
seeks to
purchase these stocks when they are selling at a low price relative
to the
value of the company, achieving income from both above average
dividends
and an increase in stock prices. To reduce risk, the portfolio
manager
avoids purchases in stocks expected to experience drastic up and
down
movements, or that have high expectations for growth factored into
the
stock portfolio. It is expected that the Account will have lower
risk and
volatility than broad market indexes. The Account will control
risk
primarily by buying companies with an intrinsic value higher than
that of
the current stock price. In order to diversify, no more than 5%
of the
Account shall be invested in the securities of any corporation
and no more
than 25% shall be invested in companies within the same industry.
|
| · |
Primary
Risks: Inflation
Risk; Liquidity Risk; Investment-Style Risk; Manager Risk; and
Market
Risk.
|
| · |
Account
Manager: Delaware
Investment Advisers
is
the registered investment advisor and they have sub-advised the
management
responsibilities to Wells Capital
Management.
|
| · |
Expense:
0.75%
|
| · |
Investment
Objectives:
The Account seeks to
replicate as closely as possible, before expenses, the total return
of the
Standard & Poor’s 500 Composite Stock Price Index, an index
emphasizing stocks of large US companies.
|
| · |
Investment
Strategies:
To
achieve its objective, this Account invests
in
shares of the DWS Equity 500 Index VIP Fund (the “Fund”, formerly
called the Scudder VIT Equity 500 Index Fund), a variable insurance
trust fund. The Fund pursues its objective by investing primarily
in the
securities of the companies included in the benchmark and derivative
instruments, such as futures contracts and options, relating to
the
benchmark. Under normal circumstances, the Fund intends to invest
at least
80% of its assets, determined at the time of purchase, in stocks
of
companies included in the S&P 500 Index and in derivative instruments,
such as futures contracts and options, that provide exposure to
the stocks
of companies in the S&P 500 Index. The Fund’s securities are weighted
to attempt to make the Fund’s total investment characteristics similar to
those of the S&P 500 Index as a whole. The portfolio management team
uses quantitative analysis techniques to structure the Fund to
obtain a
high correlation to the S&P 500 Index, while keeping the Fund as fully
invested as possible in all market environments. To attempt to
replicate
the risk and return characteristics of the S&P 500 Index as close as
possible, the Fund invests in a statistically selected sample of
the
securities found in the S&P 500 Index, using a process known as
“optimization.” This process selects stocks for the fund so that industry
weightings, market capitalizations and fundamental characteristics
(price-to-book ratios, price-to-earnings ratios, debt-to-asset
ratios and
dividend yields), closely replicate those of the securities in
the S&P
500 Index.
|
| · |
Primary
Risks:
Inflation Risk; Liquidity Risk; Index Sampling Risk; Investment-Style
Risk; and Market Risk. For
this Account, the performance of the large capitalization portion
of the
U.S. stock markets is crucial. Since
the Account invests at least 80% of its assets in the stocks of
companies
included in the S&P 500 Index, it cannot alter its investment strategy
in response to fluctuations in the market segment represented by
the
S&P 500 Index.
|
| · |
Account
Manager: The
Separate Account is managed by Delaware Investment Advisers, and
the fund
manager is Deutsche
Asset Management, Inc. (DeAM, Inc.). The fund manager has contracted
Northern Trust Investments, Inc. to sub-advise the mutual fund.
|
| · |
Expense: The
operating expense associated with the underlying Fund has been
deducted
from the rates of return. At
the Separate Account level the fee is 0.30%; at the Fund level
the fee is
0.29%, for a total expense of 0.59%.
|
| · |
Investment
Objectives:
The Account seeks to
pursue long-term capital appreciation and invests in a diversified
portfolio of well-established companies with both growth and value
characteristics; including large-sized U.S. companies, with some
emphasis
on medium-sized companies.
The
long-term investment objective is to achieve investment results
that are
superior, over a market cycle, to those of the equity market as
a whole,
without experiencing excessive short-term volatility. The Russell
1000
Index is the investment benchmark.
|
| · |
Investment
Strategies: The
Account invests in common
stocks and other equity securities such as preferred stocks and
debt
securities with conversion privileges or warrants (Common Stock
of LNC or
affiliated entities may not be purchased) and high quality money
market
instruments and other debt securities. Stock index futures contracts
or
exchange-traded funds may be purchased in place of securities up
to 10% of
the Account. The portfolio managers seek
companies with earnings and/or revenues that are growing faster
than the
industry average by blending a growth-oriented management style—which
focuses on seeking growth companies at a reasonable price—and a
value-oriented management style, which seeks companies within an
industry
with current stock prices that do not reflect the stocks’ perceived true
worth. The companies sought typically have above average capitalization
and earnings growth expectations and below average dividend yields.
More
specifically, the Account seeks to invest in companies believed
to show
growth potential that significantly exceeds the average expected
growth
rate of companies in the same industry; and are undervalued in
the market
relative to the companies’ industry peers. The portfolio is “sector
neutral” with sector weightings close to the Index. The sector allocations
can vary from time to time.
|
| · |
Primary
Risks:
Inflation Risk; Liquidity Risk; Investment-Style Risk; Manager
Risk; and
Market Risk.
|
| · |
Account
Manager: Delaware
Investment Advisers is the registered investment
advisor.
|
| · |
Expense:
0.75%
|
| · |
Investment
Objectives:
The Account seeks
capital appreciation by investing in shares of companies whose
value, the
portfolio manager believes, is not fully recognized by the market.
The
long-term investment objective is to exceed the return of the Russell
3000
Index.
|
| · |
Investment
Strategies:
To
achieve its objective, this Account invests
in shares of Fidelity® VIP Contrafund (the “Fund”), a variable insurance
trust fund. The Fund invests primarily in U.S. common stock and
securities
convertible into common stock, but it has the flexibility to invest
in
other types of securities as well, including investing in foreign
issuers.
The Fund may invest in companies (1) experiencing positive fundamental
change such as a new management team or product launch; significant
cost-cutting initiative(s); and/or a merger, acquisition, or reduction
in
industry capacity that should lead to improved pricing; (2) whose
earnings
potentially have increased or are expected to increase more than
generally
perceived; (3) that have enjoyed recent market popularity but which
appear
to have temporarily fallen out of favor for reasons considered
non-recurring or short term; and/or (4) that are undervalued in
relation
to securities of other companies in the same industry.
|
| · |
Primary
Risks:
Inflation Risk; Liquidity Risk; Country Risk; Investment-Style
Risk;
Manager Risk; and Market Risk.
|
| · |
Account
Manager: The
Separate Account is managed by Delaware Investment Advisers, and
the fund
manager is Fidelity
Management & Research Company.
|
| · |
Expense: The
operating expense associated with the underlying Fund has been
deducted
from the rates of return. At
the Separate Account level the fee is 0.15%; at the Fund level
the fee is
0.78%, for a total expense of 0.93%.
|
| · |
Investment
Objectives:
The Account seeks
long-term growth of capital. The long-term investment objective
is to
exceed the return of the MSCI EAFE Index, an international equity
benchmark.
|
| · |
Investment
Strategies:
To
achieve its objective, this Account invests
in shares of Fidelity® VIP Overseas (the “Fund”), a variable insurance
trust fund. The Fund invests mainly in foreign securities and normally
invests at least 80% of total assets in foreign securities and
primarily
in common stocks. The Fund allocates investments across countries
and
regions considering the size of the market in each country and
region
relative to the size of the international market as a whole; using
a
fundamental analysis of each issuer’s financial condition and industry
position and market and economic conditions to select investments.
|
| · |
Primary
Risks:
Inflation Risk; Liquidity Risk; Country Risk; Currency Risk;
Investment-Style Risk; Manager Risk; and Market Risk. This
Fund is an aggressive equity account that is a high-risk investment
due to
changes in the exchange rates between U.S. dollars and foreign
currencies
and other variables associated with international investing including
political and economic
uncertainties.
|
| · |
Account
Manager: The
Separate Account is managed by Delaware Investment Advisers, and
the fund
manager is Fidelity
Management & Research Company.
|
| · |
Expense: The
operating expense associated with the underlying Fund has been
deducted
from the rates of return. At
the Separate Account level the fee is 0.30%; at the Fund level
the fee is
1.16%, for a total expense of 1.46%.
|
| · |
Investment
Objectives: The
Account seeks capital appreciation through stocks. The long-term
investment objective is to exceed the return of the MSCI EAFE Index.
|
| · |
Investment
Strategies:
To
achieve its objective, this Account invests
in shares of the AFIS International Fund, a registered investment
company.
The Fund invests primarily in the common stocks of companies located
outside the United States.
In
unusual circumstances, the Account may be invested in high quality
money
market instruments and other debt securities with maturities generally
not
exceeding one year. Investors in the fund should have a long-term
perspective and be able to tolerate potentially wide price
fluctuations.
|
| · |
Primary
Risks:
Country Risk; Currency Risk; Investment-Style Risk; Manager Risk;
and
Market Risk. This
Fund is an aggressive equity account that is a high-risk investment
due to
changes in the exchange rates between U.S. dollars and foreign
currencies
and other variables associated with international investing including
political and economic
uncertainties.
|
| · |
Account
Manager: The
Separate Account is managed by Delaware Investment Advisers, and
the fund
manager is Capital Research & Management Company.
|
| · |
Expense: The
operating expense associated with the underlying Fund has been
deducted
from the rates of return. At
the Separate Account level the fee is 0.30%; at the Fund level
the fee is
0.83% for
a total expense of 1.13%.
|
| · |
Investment
Objectives:
The Account seeks a
total return from capital appreciation and dividend income. The
long-term
investment objective is to exceed the change in the U.S. Consumer
Price
Index by 5% over an economic cycle of five to seven years. The
objective
is to exceed the return of the MSCI EAFE Index
benchmark.
|
| · |
Investment
Strategies:
The Account pursues its investment objective by investing in a
portfolio
of stocks of non-United States companies. The
Account invests in common stocks and other equity securities such
as
American Depository Receipts, Global Depository Receipts, preferred
stock
and debt securities with conversion privileges or rights or warrants.
Up
to 10% of the value of the Account may be invested in international
bonds.
Before buying any stock, the Account’s management looks at the stock’s
current dividend and future dividend growth. This projected dividend
stream is then discounted to its present value and adjusted for
projected
local inflation. The Account’s manager estimates the “true” value of a
stock based on these projections. Stocks selling below this estimated
“true” value become candidates for the Fund, since they are believed to
offer income and appreciated potential. The portfolio manager considers
the value of each country’s currency, political situation, and accounting
standards to identify factors that may increase or decrease individual
stock values. In order to diversify, no more than 5% of the Account
shall
be invested in the securities of any corporation and no more than
25%
shall be invested in companies within the same
industry.
|
| · |
Primary
Risk: Inflation
Risk; Liquidity Risk; Country
Risk; Credit Risk; Currency Risk; Interest Rate Risk; Investment-Style
Risk; Manager Risk; and Market Risk.
This Account invests in more volatile equity stocks and bears additional
risk factors because of changes in the exchange rates between U.S.
dollars
and foreign currencies and other variables associated with international
investing including political and economic
uncertainties.
|
| · |
Account
Manager: Delaware
Investment Advisers
is
the registered investment advisor and they have sub-advised the
management
responsibilities to Mondrian Investment Partners, LTD;
however, effective as of April 1, 2006, this sub-advisory relationship
will end and the Account will be managed by Delaware Investment
Advisers.
|
| · |
Expense:
0.975%
|
| · |
Investment
Objectives:
The Account seeks
long-term growth of capital in a manner consistent with the preservation
of capital. The long-term objective is to exceed the return of
the Russell
1000 Growth Index.
|
| · |
Investment
Strategies:
To
achieve its objective, this Account invests
in shares of the Janus Aspen Series Growth Portfolio (the “Fund”), a
variable insurance trust fund. The Fund invests in common stocks
selected
for their growth potential from companies of any size but generally
invests in larger, more established issuers. The Fund may also
invest in
lower-rated fixed-income securities and convertible bonds. The
Account invests in domestic equity, with some portion invested
internationally.
|
| · |
Primary
Risks:
Country Risk; Credit Risk; Interest Rate Risk; Investment-Style
Risk; and
Market Risk.
|
| · |
Account
Manager: The
Separate Account is managed by Delaware Investment Advisers, and
the fund
manager is Janus
Capital Management, LLC.
|
| · |
Expense:
The
operating expense associated with the underlying Fund has been
deducted
from the rates of return. At the Separate Account level the fee
is 0.30%;
at the Fund level the fee is 0.91%, for a total expense of 1.21%.
|
| · |
Investment
Objectives:
The Account seeks
long-term growth of capital. The long-term objective of the Account
is to
exceed the return of the Russell 1000 Growth
Index.
|
| · |
Investment
Strategies:
To
achieve its objective, this Account invests
in shares of the BlackRock Legacy Portfolio (the “Fund”), a registered
investment company. Under normal market conditions, the Fund invests
at
least 65% of its assets in the common and preferred stock of mid-
and
large-sized companies. The Fund seeks to invest in fundamentally
sound
companies with strong management, superior earnings and growth
prospects
and attractive relative valuations. The Fund emphasizes large companies
that exhibit stable growth and accelerated earnings.
|
| · |
Primary
Risks:
Inflation Risk; Liquidity Risk; Investment-Style Risk; Market Risk;
and
Manager Risk.
|
| · |
Account
Manager: The
Separate Account is managed by Delaware Investment Advisers, and
the fund
manager is BlackRock
Advisors, Inc.
|
| · |
Expense:
The
operating expense associated with the underlying Fund has been
deducted
from the rates of return. At the Separate Account level the fee
is 0.05%;
at the Fund level the fee is 1.35%, for a total expense of 1.40%.
|
| · |
Investment
Objectives:
The Account seeks to provide long-term growth of capital. Future
income is
a secondary objective. The long-term objective is to exceed the
return of
the Morgan Stanley Capital International (MSCI) World
Index.
|
| · |
Investment
Strategies:
To
achieve its objective, this Account invests
in shares of the
American Funds Perspective Fund (“Fund”), a registered investment company.
It diversifies its holdings among blue chip companies, emphasizing
multi-national or global companies and focusing on opportunities
generated
by changes in global patterns and economic and political
relationships.
|
| · |
Primary
Risks:
Inflation Risk; Liquidity Risk; Investment-Style Risk; and Market
Risk.
|
| · |
Account
Manager: The
Separate Account is managed by Delaware Investment Advisers, and
the fund
manager is Capital Research and Management, Inc.
|
| · |
Expense: The
operating expense associated with the underlying Fund has been
deducted
from the rates of return. At
the Separate Account level the fee is 0.15%; at the Fund level
the fee is
0.83%, for a total expense of 0.98%.
|
| · |
Investment
Objectives:
The primary objective of this Account is maximum capital appreciation.
The
long-term objective is to exceed the total return of the Russell
1000
Growth Index over a complete market
cycle.
|
| · |
Investment
Strategies: The
Account pursues its investment objectives by investing in companies
that
are believed to have long-term capital appreciation and are expected
to
grow faster than the U.S. economy. Under normal circumstances,
in pursuing
its investment objectives, the Account will invest at least 80%
of its net
assets in U.S. or domestic investments. The Account may also invest
in
convertible bonds, preferred stocks and convertible preferred stocks,
provided that these investments, when aggregated with the account’s debt
securities and bonds, do no exceed 35% of the Account’s assets.
In
order to diversify, with respect to 75% of the assets in the Account,
no
more than 5% of the Account shall be invested in the securities
of any one
issuer at time of purchase. With respect to the remaining 25% of
the
assets in the Account, no more than 10% of the Account shall be
invested
in the securities of any one issuer at time of purchase.
|
| · |
Primary
Risks:
Inflation Risk; Liquidity Risk; Investment-Style Risk; Manager
Risk; and
Market Risk.
|
| · |
Account
Manager: Delaware
Investment Advisers is the registered investment
advisor.
|
| · |
Expense:
0.75%
|
| · |
Investment
Objectives:
The Account seeks
growth of capital and long-term return by investing in companies
committed
to human needs. The long-term objective is to exceed the return
of the
Russell 1000 Index.
|
| · |
Investment
Strategies:
To
achieve its objective, this Account invests
in shares from the Lincoln VIP Social Awareness Fund (the “Fund’), a
Lincoln Variable Insurance Trust Fund managed by Delaware Management
Business Trust. The Fund invests in common stocks of established,
growing,
and profitable companies. This Fund is a conscientious vehicle
that
combines performance with social responsibility and purchases common
stocks of companies with attractively priced, consistent earnings
growth.
This Fund will not knowingly purchase or hold securities of companies
that: (1) harm or are likely to harm the natural environment; (2)
produce
nuclear power, design or build nuclear power plants or make equipment
for
producing nuclear power; (3) make or contract for military weapons;
(4)
engage in the liquor, tobacco or gambling industries; or (5) engage
in the
use of animals to test their products when developing new cosmetic
and
personal care products.
|
| · |
Primary
Risk:
Inflation Risk; Liquidity Risk; Manager Risk; Investment-Style
Risk; and
Market Risk. Because
this Account avoids investing in companies that do not meet socially
responsible criteria, its exposure to certain industry sectors
may be
greater or less than similar funds or market indexes. The
Account invests in medium sized as well as large sized companies,
and the
Account’s performance may be affected if stocks in one of those two groups
of companies do not perform as well as stocks in the other group.
Furthermore
medium-sized companies, which are not as well established as large-sized
companies, may (1) react more severely to market conditions and
(2) suffer
more from economic, political and regulatory developments.
|
| · |
Account
Manager: Delaware
Investment Advisers is the registered investment advisor, and the
fund
manager is Delaware Management
Company.
|
| · |
Expense: The
operating expense associated with the underlying fund has been
deducted
from the rates of return. At
the Separate Account level the fee is 0.30%; at the Fund level
the fee is
0.41%, for a total expense of 0.71%.
|
| · |
Investment
Objectives:
The Account seeks to
replicate, as closely as possible, the total return of the Russell
2000
Small Stock Index, an index consisting of 2000 small-capitalization
common
stocks. The Fund invests for growth and does not seek income as
a primary
objective.
|
| · |
Investment
Strategies:
To
achieve its objective, this Account invests
in
shares of the DWS Small Cap Index VIP Fund (the “Fund”,
formerly called the Scudder VIT Small Cap Index Fund),
variable insurance trust fund. In general, the Fund invests in
at least
80% of its assets in the same securities included in the Russell
2000. The
Fund includes the common stock of those companies included in the
Russell
2000 selected on the basis of computer-generated statistical data,
that
are deemed representative of the industry diversification of the
entire
Russell 2000. The Fund provides an alternative to traditional methods
of
“active” investment management, which involves the buying and selling of
securities based on economic, financial and market analysis, and
investment judgment. It uses a “passive” or “indexing” investment approach
and attempts to replicate the investment performance of the Russell
2000
through statistical procedures.
|
| · |
Primary
Risks:
Inflation Risk; Liquidity Risk; Index Sampling Risk; Investment-Style
Risk; and Market Risk. Small-cap
stocks may be subject to a higher degree of risk than more established
companies’ securities. The illiquidity of the small-cap market may
adversely affect the value of these investments so that shares,
when
redeemed, may be worth more or less than their original cost. There
is a
risk that the value of securities in the aforementioned sectors
or the
value of an individual stock will decline due to changing expectations
for
the performance sector or individual company issuing the stock.
|
| · |
Account
Manager: The
Separate Account is managed by Delaware Investment Advisers, and
the fund
manager is Deutsche
Asset Management, Inc. (DeAM, Inc.). The fund manager has contracted
Northern Trust Investments, Inc. to sub-advise the mutual fund.
|
| · |
Expense:
At
the Separate Account level the fee is 0.15%; at the Fund level
the fee is
0.45%, for a total expense of 0.60%.
|
| · |
Investment
Objectives:
The Account seeks to
maximize long-term total return. The long-term objective is to
exceed the
performance of the Russell Midcap Growth
Index.
|
| · |
Investment
Strategies:
To
achieve its objective, this Account invests
in stocks of medium-sized companies that have strong financial
characteristics. The Account manager looks for companies that are
profitable, have high return on equity, high reinvestment rates
and have a
low price relative to earnings growth. The Account will invest
primarily
in securities, which have a market capitalization at the time of
purchase
within the capitalization range of the performance evaluation benchmark
(Russell Midcap Growth Index) recognizing that this may fluctuate
over
time. In order to diversify, no more than 5% of the Account shall
be
invested at cost in the securities of any corporation and no more
than 25%
of the Account shall be invested in the securities of any industry.
|
| · |
Primary
Risk:
Inflation Risk; Liquidity Risk; Manager Risk; Investment-Style
Risk; and
Market Risk. The
stock of medium-size companies may not be as well known and may
experience
more sudden fluctuations.
|
| · |
Account
Manager: Delaware
Investment Advisers
is
the registered investment advisor and they have sub-advised the
management
responsibilities to T. Rowe Price Associates, Inc.
|
| · |
Expense:
0.75%
|
| · |
Investment
Objectives:
The Account seeks
capital appreciation. The long-term investment objective is to
exceed the
return of the Russell Mid-Cap Growth
Index.
|
| · |
Investment
Strategies:
To
achieve its objective, this Account invests
in the AMT Mid-Cap Growth Portfolio (the “Fund”), a variable insurance
trust fund. The Fund invests at least 80% of its net assets in
common
stocks of mid-cap companies. The Fund invests in a diversified
portfolio
of common stocks believed by the portfolio manager to have the
maximum
potential to offer comparatively attractive long-term returns.
Normally
this Fund invests primarily in the common stocks of mid-cap companies
but
may at times favor the relative safety of large-cap securities
and the
greater growth potential of smaller cap securities over mid-cap
securities. Additionally, it may invest in money market instruments
and
other debt securities.
|
| · |
Primary
Risks:
Inflation Risk; Liquidity Risk; Investment-Style Risk; and Market
Risk.
Mid-cap companies offer potential for higher returns, but the risk
associated with them is also higher. Mid-cap stocks have a historically
shown risk/return characteristics that are in between those of
small- and
large- cap stocks. Their prices can rise and fall substantially.
|
| · |
Account
Manager: The
Separate Account is managed by Delaware Investment Advisers, and
the fund
manager is Neuberger
Berman Management Inc.
|
| · |
Expense: The
operating expense associated with the underlying Fund has been
deducted
from the rates of return. At
the Separate Account level the fee is 0.15%; at the Fund level
the fee is
0.92%, for a total expense of 1.07%.
|
| · |
Investment
Objectives:
The Account seeks
growth of capital. The long-term objective is to exceed the return
of the
Russell Mid-Cap Value Index.
|
| · |
Investment
Strategies:
To
achieve its objective, this Account invests
in shares from the Neuberger Berman AMT Regency Portfolio (the
“Fund”), a
variable insurance trust fund. The Fund invests mainly in common
stocks of
mid-capitalization companies and invests in common stocks of established
mid-to-large capitalization companies. Specifically, the Fund looks
for
well-managed companies whose stock prices are undervalued. Factors
in
identifying these firms may include: strong fundamentals, such
as
company’s financial, operational and competitive positions; consistent
cash flow; and a sound earnings record through all phases of the
market
cycle. The management may also look for other characteristics in
a
company, such as a strong position relative to competitors, a high
level
of stock ownership among management and a recent sharp decline
in stock
price that appears to be the result of a short-term market overreaction
to
negative news.
|
| · |
Primary
Risks: Inflation
Risk; Liquidity Risk; Index
Sampling Risk; Investment-Style Risk;
and Market Risk.
This Account involves greater risk than large-cap stocks; therefore,
it is
a more aggressive investment. Mid-cap stocks
are traditionally less stable than large-cap stocks since they
are
typically smaller companies with track records that are still growing.
|
| · |
Account
Manager: The
Separate Account is managed by Delaware Investment Advisers, and
the fund
manager is Neuberger
Berman Management, Inc.
|
| · |
Expense: The
operating expense associated with the underlying Fund has been
deducted
from the rates of return. At
the Separate Account level the fee is 0.15%; at the Fund level
the fee is
1.04%, for a total expense of 1.19%.
|
| · |
Investment
Objectives:
The Account seeks
long-term capital appreciation. The long-term investment objective
of the
Account is to exceed the total return of the Russell 2000 Growth
Index.
|
| · |
Investment
Strategies:
To
achieve its objective, this Account purchases
stocks of small companies having the potential to grow rapidly
and produce
superior returns. Small cap companies generally are those between
$200
million and $2 billion in market capitalization. The Account manager
looks
for stocks of companies that it expects to benefit from trends
within the
economy, the political arena, and society at large. In order to
diversify,
no more than 5% of the Account shall be invested in the securities
of any
corporation and no more than 25% of the Account shall be invested
in
companies within the same industry.
|
| · |
Primary
Risks:
Inflation Risk; Liquidity Risk; Investment-Style Risk; Manager
Risk; and
Market Risk. Small-cap
stocks may be subject to a higher degree of risk than more established
companies’ securities. The illiquidity of the small-cap market may
adversely affect the value of these investments so that shares,
when
redeemed, may be worth more or less than their original cost. The
Account
will control risk primarily by managing a diversified portfolio
regarding
number of securities and industry exposure, composed of companies
with a
more attractive valuation characteristics less than similar companies
in
their industry.
|
| · |
Account
Manager: Delaware
Investment Advisers is the registered investment advisor.
|
| · |
Expense:
0.75%
|
| · |
Investment
Objectives: This
Account is an Employee Stock Ownership Plan. It is designed to
provide
participants with the opportunity to invest in employer securities.
|
| · |
Investment
Strategies:
To
achieve its objective, this Account invests,
exclusively, in shares of LNC Common Stock.
|
| · |
Primary
Risks:
Investment-Style Risk; and Market Risk.
This is a non-diversified Account, investing in the stock of a
single
issuer. It is therefore a riskier investment than an Account that
invests
in a diversified pool of stocks of companies with similar characteristics
as this Account. For a description of the risks associated with
investment
in Lincoln National Corporation, see “Risk Factors” beginning on page 3 of
this Prospectus. It is a market-valued account, meaning that both
the
principal value and the investment return may go up and down on
based the
market price of the stock held in the fund. For a more detailed
description of LNC Common Stock, see “Lincoln National Corporation Common
Stock and Common Stock Purchase Rights”
below.
|
| · |
Account
Manager: Wells
Fargo Bank.
|
| · |
Expense:
0.00%
|
| · |
in
the event of a stock dividend on, or a subdivision, combination
or
reclassification of, our common stock;
|
| · |
as
a result of the grant to holders of our common stock of certain
rights or
warrants to subscribe for our common stock or convertible securities
at
less than the current market price of our common stock; or
|
| · |
as
a result of the distribution to holders of our common stock of
evidences
of indebtedness or assets (other than regular periodic cash dividends
or
dividends payable in our common stock) or of subscription rights
or
warrants, other than those referenced above.
|
| · |
amend
our articles of incorporation to create or authorize any stock
ranking
prior to or on a parity with the outstanding preferred stock with
respect
to the payment of dividends or distributions upon dissolution,
liquidation
or winding up;
|
| · |
to
create or authorize any security convertible into shares of stock
ranking
prior to or on a parity with the outstanding preferred stock with
respect
to the payment of dividends or distributions upon dissolution,
liquidation
or winding up;
|
| · |
amend,
alter, change or repeal any of the express terms of any outstanding
preferred stock, or any series thereof, in any prejudicial manner
(provided only holders of two-third of the outstanding shares of
the
series prejudiced by such change or repeal need consent to such
action);
|
| · |
merge
or consolidate with another corporation where we are not the surviving
entity, if the rights, preferences or powers of the preferred stock
would
be adversely affected or if securities would thereupon be authorized
or
outstanding which could not otherwise have been created without
the
approval of the preferred shareholders;
or
|
| · |
authorize,
or revoke a previously authorized, voluntary dissolution of LNC,
approve
any limitation of the terms of our existence, or authorize the
sale,
lease, exchange or other disposition of all or substantially all
of our
property.
|
| · |
public
reference room maintained by the SEC in: Washington, D.C. (100
F. Street,
N.E., Room 1580, Washington, D.C. 20549). Copies of such materials
can be
obtained from the SEC’s public reference section at prescribed rates. You
may obtain information on the operation of the public reference
rooms by
calling the SEC at (800) SEC-0330,
or
|
| · |
the
SEC website located at www.sec.gov.
|
| · |
LNC’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2005;
|
| · |
LNC’s
Current Reports on Form 8-K filed with the SEC on January 20, February
16,
March 4, May 12 (except Item 7.01 on such Form 8-K shall not be
deemed
incorporated by reference herein), October 11, and December 27,
2005 and
January 13, January
20, January 31, February 13, and February 14 (one report), February
28, March 15 (two reports), April 3, April 7, April 12 and April
18, 2006;
|
| · |
The
description of LNC’s Common Stock contained in Form 10 filed with the SEC
on April 28, 1969, including any amendments or reports filed for
the
purpose of updating that description;
|
| · |
The
Lincoln National Life Insurance Company Agents’ Savings and Profit-Sharing
Plan’s Annual Report on Form 11-K for the fiscal year ended December
31,
2005; and
|
| · |
The
description of LNC’s Common Stock purchase rights contained in our
Registration Statement on Form 8-A/A, Amendment No. 1, filed with
the SEC
on December 2, 1996, including any amendments or reports filed
for the
purpose of updating that
description.
|
|
Report
of Independent Registered Public Accounting Firm
|
F-1
|
|
Audited
Financial Statements:
|
|
|
Statements
of Net Assets available for Plan Benefits
|
F-2
|
|
Statements
of Changes in Net Assets Available for Plan Benefits
|
F-3
|
|
Notes
to Financial Statements
|
F-4
|
|
Supplemental
Schedule
|
|
|
Schedule
H, Line 4i—Schedule of Assets (Held At End of Year)
|
F-20
|
|
Registration
fees
|
$
8,693
|
|
Printing
and engraving
|
5,000
|
|
Legal
fees
|
3,000
|
|
Accounting
fees
|
3,500
|
|
Miscellaneous
|
-0-
|
|
TOTAL
|
$ 20,193
|
| · |
reasonable
expenses (including attorneys’ fees) incurred by them in connection with
the defense of any action, suit or proceeding to which they are
made or
threatened to be made parties (including those brought
by, or on behalf of us) if they are successful on the merits or
otherwise
in the defense of such proceeding except with respect to matters
as to
which they are adjudged liable for negligence or misconduct in
the
performance of duties to their respective
corporations.
|
| · |
reasonable
costs of judgments, settlements, penalties, fines and reasonable
expenses
(including attorneys’ fees) incurred with respect to, any action, suit or
proceeding, if the person’s conduct was in good faith and the person
reasonably believed that his/her conduct was in our best interest.
In the
case of a criminal proceeding, the person must also have reasonable
cause
to believe his/her conduct was
lawful.
|
| (i) |
to
include any prospectus required by Section 10(a)(3) of the Securities
Act
of 1933;
|
| (ii) |
to
reflect in the prospectus any facts or events arising after the
effective
date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent
a
fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease
in
volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation
from
the low or high end of the estimate maximum offering range may
be
reflected in the form of prospectus filed with the Commission
pursuant to
Rule 424(b) if, in the aggregate, the changes in volume and price
represent no more than 20 percent change in maximum aggregate
offering
price set forth in the “Calculation of Registration Fee” table in the
effective registration statement;
and
|
| (iii) |
To
include any material information with respect to the plan of
distribution
not previously disclosed in the registration statement or any
material
change to such information in the registration
statement;
|
| i. |
Each
prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall
be
deemed to be part of the registration statement as of the date
the filed
prospectus was deemed part of and included in the registration
statement;
and
|
| ii. |
Each
prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5)
or
(b)(7) as part of a registration statement in reliance on Rule
430B
relating to an offering made pursuant to Rule 415(a)(1)(i), (vii)
or (x)
for the purpose of providing the information required by Section
10(a) of
the Securities Act of 1933 shall be deemed to be part of and included
in
the registration statement as of the earlier of the date such form
of
prospectus is first used after effectiveness or the date of the
first
contract of sale of securities in the offering described in the
prospectus. As provided in Rule 430B, for liability purposes of
the issuer
and any person that is at that date an underwriter, such date shall
be
deemed to be a new effective date of the registration statement
relating
to the securities in the registration statement to which the prospectus
relates, and the offering of such securities at that time shall
be deemed
to be the initial bona
fide
offering thereof. Provided,
however, that
no statement made in a registration statement or prospectus that
is part
of the registration statement or made in a document incorporated
or deemed
incorporated by reference into the registration statement or prospectus
that is part of the registration statement will, as to a purchaser
with a
time of contract of sale prior to such effective date, supersede
or modify
any statement that was made in the registration statement or prospectus
that was part of the registration statement or made in any such
document
immediately prior to such effective
date.
|
| (i) |
Any
preliminary prospectus or prospectus of an undersigned Registrant
relating
to the offering required to be filed pursuant to Rule
424;
|
| (ii) |
Any
free writing prospectus relating to the offering prepared by or
on behalf
o an undersigned Registrant or used or referred to by an undersigned
Registrant;
|
| (iii) |
The
portion of any other free writing prospectus relating to the offering
containing material information about an undersigned Registrant
or its
securities provided by or on behalf of an undersigned Registrant;
and
|
| (iv) |
Any
other communication that is an offer in the offering made by an
undersigned Registrant to the
purchaser.
|
|
Signature
|
Title
|
Date
|
|
|
|
|
|
Jon
A. Boscia*
|
|
|
|
Jon
A. Boscia
|
Chairman
and Chief Executive Officer (Principal Executive Officer) and a
Director
|
April
18,2006
|
|
|
|
|
|
/s/
Frederick J. Crawford
|
|
|
|
Frederick
J. Crawford
|
Senior
Vice President and Chief Financial Officer (Principal Financial
Officer)
|
April
18, 2006
|
|
|
|
|
|
|
|
|
|
/s/
Douglas N. Miller
Douglas
N. Miller
|
Vice
President and Chief Accounting Officer (Principal Accounting
Officer)
|
April
18, 2006
|
|
|
|
|
|
William
J. Avery*
|
Director
|
April
18, 2006
|
|
|
|
|
|
J.
Patrick Barrett*
|
Director
|
April
18, 2006
|
|
|
|
|
|
__________________
William
H. Cunningham
|
Director
|
April
, 2006
|
|
|
|
|
|
____________
Dennis
R. Glass
|
Director
|
April
18, 2006
|
|
|
|
|
|
____________________
George
W. Henderson, III
|
Director
|
April
, 2006
|
|
|
|
|
|
Eric
G. Johnson*
|
Director
|
April
18, 2006
|
|
|
|
|
|
M.
Leanne Lachman*
|
Director
|
April
18 , 2006
|
|
|
|
|
|
Michael
F. Mee*
|
Director
|
April
18, 2006
|
|
|
|
|
|
_________________
William
Porter Payne
|
Director
|
April
, 2006
|
|
|
|
|
|
______________
Patrick
S. Pittard
|
Director
|
April
, 2006
|
|
|
|
|
|
Jill
S. Ruckelshaus*
|
Director
|
April
18, 2006
|
|
|
|
|
|
__________________
David
A. Stonecipher
|
Director
|
April
, 2006
|
|
|
|
|
|
_____________
Isaiah
Tidwell
|
Director
|
April
, 2006
|
|
|
|
|
|
Glenn
F. Tilton*
|
Director
|
April
18, 2006
|
|
2.1
|
Agreement
and Plan of Merger, dated October 9, 2005, among LNC, Quartz Corporation
and Jefferson-Pilot Corporation is incorporated by reference to
Exhibit 2.1 of LNC’s Form 8-K (File No 1-6028) filed with the SEC on
October 11, 2005.
|
| 2.2 | Amendment No. 1 to the Agreement and Plan of Merger dated as of January 26, 2006 among LNC, Lincoln JP Holding, L.P., Quartz Corporation and Jefferson-Pilot Corporation filed as Exhibit 2.1 to LNC's Form 8-K (File No. 1-6028) filed with the SEC on January 31, 2006. |
|
4.1
|
The
Articles of Incorporation of LNC (“LNC”) as last amended effective May 12,
1994 are incorporated by reference to Exhibit 3(a) of LNC’s Form 10-K
(File No. 1-6028) for the year ended December 31, 2001.
|
|
4.2
|
The
Bylaws of LNC as last amended on May 8, 2003 are incorporated by
reference
to Exhibit 3(b) of LNC’s Form 10-Q (File No. 1-6028) for the quarter ended
June 30, 2004.
|
|
4.3
|
Indenture
of LNC dated as of January 15, 1987, between LNC and Morgan Guaranty
Trust
Company of New York is incorporated by reference to Exhibit 4(a)
of LNC’s
Form 10-K (File No. 1-6028) for the year ended December 31,
1994.
|
|
4.4
|
First
Supplemental Indenture dated as of July 1, 1992, between to Indenture
dated as of January 15, 1987 is incorporated by reference to Exhibit
4(b)
of LNC’s Form 10-K (File No. 1-6028) for the year ended December 31,
2001.
|
|
4.5
|
Rights
Agreement of LNC as last amended November 14, 1996 is incorporated
by
reference to LNC’s Form 8-K (File No. 1-6028) filed with the Commission on
November 22, 1996.
|
|
4.6
|
Indenture
of LNC dated as of September 15, 1994, between LNC and The Bank
of New
York, as Trustee, is incorporated by reference to Exhibit 4(e)
of LNC’s
Form 10-K (File No. 1-6028) for the year ended December 31,
1998.
|
|
4.7
|
Form
of Note dated as of September 15, 1994 is incorporated by reference
to
Exhibit 4(d) of LNC’s Registration Statement on Form S-3/A (File No.
33-55379) filed with the Commission on September 15,
1994.
|
|
4.8
|
Form
of Zero Coupon Security dated as of September 15, 1994 is incorporated
by
reference to Exhibit 4(f) of LNC’s Registration Statement on Form S-3/A
(File No. 33-55379) filed with the Commission on September 15,
1994.
|
|
4.9
|
Junior
Subordinated Indenture dated as of May 1, 1996 between LNC and
The First
National Bank of Chicago is incorporated by reference to Exhibit
4(j) of
LNC’s Form 10-K (File No. 1-6028) for the year ended December 31,
2001.
|
|
4.10
|
First
Supplemental Indenture dated as of August 14, 1998, to Junior Subordinated
Indenture dated as of May 1, 1996 is incorporated by reference
to Exhibit
4.4 of LNC’s Form 8-K (File No. 1-6028) filed with the Commission on
August 27, 1998.
|
|
4.11
|
Specimen
of 6 1/2%
Notes due March 15, 2008 incorporated by reference to Exhibit 4.1
LNC’s
Form 8-K (File No. 1-6028) filed with the SEC on March 24,
1998.
|
|
4.12
|
Specimen
of 7% Notes due March 15, 2018 incorporated by reference to Exhibit
4.2 of
LNC’s Form 8-K (File No. 1-6028) filed with the SEC on March 24,
1998.
|
|
4.13
|
Amended
and Restated Trust Agreement dated November 19, 2001, among LNC,
as
Depositor, Bank One Trust Company, National Association, as Property
Trustee, Bank One Delaware, Inc., as Delaware Trustee, and the
Administrative Trustee named therein is incorporated by reference
to
Exhibit 4.1 of LNC’s Form 8-K (File No. 1-6028) filed with the SEC on
November 21, 2001.
|
|
4.14
|
Form
of 7.65% Trust Preferred Security Certificate is incorporated by
reference
to Exhibit 4.2 of LNC’s Form 8-K (File No. 1-6028) filed with the SEC on
November 21, 2001.
|
|
4.15
|
Guarantee
Agreement dated November 19, 2001 between LNC, as Guarantor, and
Bank One
Trust Company, National Association, as Guarantee Trustee, is incorporated
by reference to Exhibit 4.4 of LNC’s Form 8-K (File No. 1-6028) filed with
the SEC on November 21, 2001.
|
|
4.16
|
Form
of Note dated December 7, 2001 is incorporated by reference to
Exhibit 4.1
of LNC’s Form 8-K (File No. 1-6028) filed with the SEC on December 11,
2001.
|
|
4.17
|
Form
of Note dated June 3, 2002 is incorporated by reference to Exhibit
4.1 of
LNC’s Form 8-K (File No. 1-6028) filed
with the SEC on June 6, 2002.
|
|
4.18
|
Amended
and Restated Trust Agreement dated September 11, 2003, among LNC,
as
Depositor, Bank One Trust Company, National Association, as Property
Trustee, Bank One Delaware, Inc., as Delaware Trustee, and the
Administrative Trustees named therein is incorporated by reference
to
Exhibit 4.1 of Form 8-K (File No. 1-6028) filed with the SEC on
September
16, 2003.
|
|
4.19
|
Form
of 6.75% Trust Preferred Security certificate is incorporated by
reference
to Exhibit 4.2 of LNC’s Form 8-K (File No. 1-6028) filed with the SEC on
September 16, 2003.
|
|
4.20
|
Form
of 6.75% Junior Subordinated Deferrable Interest Debentures, Series
F is
incorporated by reference to Exhibit 4.3 of LNC’s Form 8-K (File No.
1-6028) filed with the SEC on September 16, 2003.
|
|
4.21
|
Guarantee
Agreement dated September 11, 2003 between LNC, as Guarantor, and
Bank One
Trust Company, National Association, as Guarantee Trustee is incorporated
by reference to Exhibit 4.4 of LNC’s Form 8-K (File No. 1-6028) filed with
the SEC on September 16, 2003.
|
|
4.22
|
Form
of 4.75% Note due February 15, 2014 is incorporated by reference
to
Exhibit 4.1 of LNC’s Form 8-K (File No. 1-6028) filed with the SEC on
February 4, 2004.
|
|
4.23
|
Certificate
of Trust of Lincoln National Capital VII is incorporated by reference
to
Exhibit 4(bb) of LNC’s Form S-3 (File No. 333-84728) filed with the SEC on
March 21, 2002.
|
|
4.24
|
Trust
Agreement of Lincoln National Capital VII is incorporated by reference
to
Exhibit 4(cc) of LNC’s Form S-3 (File No. 333-84728) filed with the SEC on
March 21, 2002.
|
|
4.25
|
Certificate
of Trust of Lincoln National Capital VIII is incorporated by reference
to
Exhibit 4(dd) of LNC’s Form S-3 (File No. 333-84728) filed with the SEC on
March 21, 2002.
|
|
4.26
|
Trust
Agreement of Lincoln National Capital VIII is incorporated by reference
to
Exhibit 4(ee) of LNC’s Form S-3 (File No. 333-84728) filed with the SEC on
March 21, 2002.
|
|
4.27
|
Certificate
of Trust of Lincoln National Capital IX is incorporated by reference
to
Exhibit 4(ff) of LNC’s Form S-3 (File No. 333-84728) filed with the SEC on
March 21, 2002.
|
|
4.28
|
Trust
Agreement of Lincoln National Capital IX is incorporated by reference
to
Exhibit 4(gg) of LNC’s Form S-3 (File No. 333-84728) filed with the SEC on
March 21, 2002.
|
|
4.29
|
Form
of Amended and Restated Trust Agreement for Lincoln National Capital
VII
is incorporated by reference to Exhibit 4(ii) of LNC’s Form S-3 (File No.
333-84728) filed with the SEC on March 21, 2002.
|
|
4.30
|
Form
of Amended and Restated Trust Agreement for Lincoln National Capital
VIII
is incorporated by reference to Exhibit 4(jj) of LNC’s Form S-3 (File No.
333-84728) filed with the SEC on March 21, 2002.
|
|
4.31
|
Form
of Amended and Restated Trust Agreement for Lincoln National Capital
IX is
incorporated by reference to Exhibit 4(kk) of LNC’s Form S-3 (File No.
333-84728) filed with the SEC on March 21, 2002.
|
|
4.32
|
Form
of Preferred Security Certificate for Lincoln National Capital
VII,
Lincoln National Capital VIII and Lincoln National Capital IX (included
as
Exhibit D of Exhibits 4.28, 4.29 and 4.30 respectively)
|
|
4.33
|
Form
of Guarantee Agreement for Lincoln National Capital VII is incorporated
by
reference to Exhibit 4(nn) of LNC’s Form S-3 (File No. 333-84728) filed
with the SEC on March 21, 2002.
|
|
4.34
|
Form
of Guarantee Agreement for Lincoln National Capital VIII is incorporated
by reference to Exhibit 4(oo) of LNC’s Form S-3 (File No. 333-84728) filed
with the SEC on March 21, 2002.
|
|
4.35
|
Form
of Guarantee Agreement for Lincoln National Capital IX is incorporated
by
reference to Exhibit 4(pp) of LNC’s Form S-3 (File No. 333-84728) filed
with the SEC on March 21, 2002.
|
|
5.1
|
Opinion
of Dennis L. Schoff, regarding legality of the LNC Common
Stock.*
|
|
5.2
|
Opinion
of Karen F. Kanjian, Esquire, regarding legality of the Plan
Interests.*
|
|
23.1
|
Consent
of Ernst & Young LLP.
|
|
23.2
|
Consent
of Dennis L. Schoff. (included in Exhibit 5.1)*
|
|
23.3
|
Consent
of Karen F. Kanjian. (included in Exhibit 5.2)*
|
| 24 | Powers of Attorney* |