THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
Lincoln Life Flexible Premium Variable Life Account M
Lincoln AssetEdge® VUL, Lincoln AssetEdge® Exec VUL,
Lincoln LifeGoals®, Lincoln VULONE,
Lincoln VULONE 2005, Lincoln VULONE 2007,
Lincoln VULCV-IV, Lincoln VULDB-IV
Lincoln Life Flexible Premium Variable Life Account R
Lincoln PreservationEdge® SVUL, Lincoln SVUL-IV
Lincoln Life Flexible Premium Variable Life Account S
Lincoln Corporate Commitment® VUL, Lincoln Corporate Variable 5
LINCOLN LIFE & ANNUITY COMPANY OF NEW YORK
LLANY Separate Account S for Flexible Premium Variable Life Insurance
Lincoln Corporate Commitment® VUL, Lincoln Corporate Variable 5
Supplement dated October 23, 2025 to the Prospectus dated May 1, 2025
This Supplement outlines important changes to certain investment options under your flexible premium variable life insurance contract. These changes are related
to Appendix A – Funds Available Under The Policy. All other provisions outlined in your variable life insurance prospectus, as supplemented, remain unchanged.
The Board of Trustees of Lincoln Variable Insurance Products Trust recently approved a new sub-advisory agreement between Lincoln Financial Investments
Corporation and Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust (“NIFA”) and a new sub-sub-advisory agreement between NIFA and Macquarie Investment Management Global Limited (together, the “New Sub-Advisory
Agreements”). The New Sub-Advisory Agreements were approved in connection with the acquisition of Macquarie Asset Management’s U.S. and European public investments business (the “Acquisition”). The New Sub-Advisory Agreements will become effective on
the closing date of the Acquisition, which is expected to be on or about November 1, 2025 (the “Acquisition Date”). As of the Acquisition Date, the following fund names will be revised accordingly. The Acquisition will not affect the fees or expenses
of the funds.
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Former Fund Name
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New Fund Name
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LVIP Macquarie Diversified Floating Rate Fund
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LVIP Nomura Diversified Floating Rate Fund
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LVIP Macquarie High Yield Fund
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LVIP Nomura High Yield Fund
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LVIP Macquarie Mid Cap Value Fund
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LVIP Nomura Mid Cap Value Fund
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LVIP Macquarie SMID Cap Core Fund
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LVIP Nomura SMID Cap Core Fund
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LVIP Macquarie Social Awareness Fund
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LVIP Nomura Social Awareness Fund
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LVIP Macquarie U.S. Growth Fund
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LVIP Nomura U.S. Growth Fund
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LVIP Macquarie U.S. REIT Fund
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LVIP Nomura U.S. REIT Fund
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All other information about the funds, including principal investment strategies, can be found in the fund’s prospectus.
You can obtain additional information by contacting your registered representative, online at www.lfg.com/vulprospectus, or by sending an email request to
CustServSupportTeam@lfg.com.
Please retain this Supplement for future reference.