| Schedule H, Line 4i – Schedule of Assets (Held At End of Year) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | LNC Employees' 401(k) Savings Plan | | | | Plan Number: 009 | | | | EIN: 35-1140070 | | | | | Schedule H, Line 4i – Schedule of Assets (Held at End of Year) | | | | | December 31, 2025 | | | | | | | | | | | | | | | | | | (a) | | (b) | | (c) | | (d) | | | (e) | | | | | | | | Description of Investment | | | | | | | | | | | | | Including Maturity Date, | | | | | | | | | | | Identity of Issue, Borrower, | | Rate of Interest, | | Cost | | | Current | | | | | | Lessor or Similar Party | | Par or Maturity Value | | ** | | | Value | | | | | | | | | | | | | | | | | | | Mutual funds: | | | | | | | | | | | | | Nomura | | Small Cap Value Fund Class R6 | | | | | $ | 20,836,812 | | | | | | | | | | | | | | | | | | | | AllianceBernstein | | Discovery Growth Fund | | | | | 71,343,756 | | | | | | | | | | | | | | | | | | | | Total mutual funds | | | | | | | 92,180,568 | | | | | | | | | | | | | | | | | | | | Collective investment trusts: | | | | | | | | | | | | | Acadian Asset Management | | All Country World/ex U.S. Equity | | | | | 103,677,626 | | | | | | | BlackRock | | Equity Dividend Fund M | | | | | 96,894,254 | | | | | | | Fidelity Institutional Asset Management | | Core Plus CIT Class H | | | | | 62,592,540 | | | | | | | Income America | | In Retirement Fund Fee Class 5ForLife-L | | | | | 3,362,612 | | | | | | | | | | | | | | | | | | | | Income America | | 2030 Fund Fee Class 5ForLife-L | | | | | 5,627,086 | | | | | | | Income America | | 2035 Fund Fee Class 5ForLife-L | | | | | 2,152,205 | | | | | | | Income America | | 2040 Fund Fee Class 5ForLife-L | | | | | 3,603,911 | | | | | | | J.P. Morgan | | Large Cap Growth Fund Class CF-A | | | | | 354,513,413 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | MFS | | International Growth Fund | | | | | 90,935,180 | | | | | | | PIMCO | | Diversified Real Asset Collective Trust | | | | | 10,405,119 | | | | | | | State Street Global Advisors Ltd. | | Target Retirement Income Fund Class M | | | | | 63,421,002 | | | | | | | | | | | | | | | | | | | | State Street Global Advisors Ltd. | | Target Retirement 2025 Fund Class M | | | | | 129,034,993 | | | | | | | State Street Global Advisors Ltd. | | Target Retirement 2030 Fund Class M | | | | | 211,269,950 | | | | | | | State Street Global Advisors Ltd. | | Target Retirement 2035 Fund Class M | | | | | 257,733,833 | | | | | | | State Street Global Advisors Ltd. | | Target Retirement 2040 Fund Class M | | | | | 250,566,916 | | | | | | | State Street Global Advisors Ltd. | | Target Retirement 2045 Fund Class M | | | | | 273,136,062 | | | | | | | State Street Global Advisors Ltd. | | Target Retirement 2050 Fund Class M | | | | | 239,899,626 | | | | | | | State Street Global Advisors Ltd. | | Target Retirement 2055 Fund Class M | | | | | 166,653,520 | | | | | | | State Street Global Advisors Ltd. | | Target Retirement 2060 Fund Class M | | | | | 82,874,088 | | | | | | | State Street Global Advisors Ltd. | | Target Retirement 2065 Fund Class M | | | | | 24,425,404 | | | | | | | State Street Global Advisors Ltd. | | Target Retirement 2070 Fund Non Lending Series | | | | | 1,714,199 | | | | | | | State Street Global Advisors Ltd. | | Global Equity All Cap/ex U.S. Index Fund | | | | | 50,089,364 | | | | | | | State Street Global Advisors Ltd. | | Russell Small-Mid Cap Index Fund | | | | | 118,160,713 | | | | | | | State Street Global Advisors Ltd. | | S&P 500 Index Non Lending Series Fund Class K | | | | | 351,244,979 | | | | | | | State Street Global Advisors Ltd. | | U.S. Bond Index Fund | | | | | 26,732,486 | | | | | | | Total collective investment trusts | | | | | | | 2,980,721,081 | | | | | | | | | | | | | | | | | | | * | | LNC | | Common stock | | | | | 140,687,355 | | | | | | | | | | | | | | | | | | | * | | LNL | | Investment contract — at contract value | | | | | 404,468,759 | | | | | | | | | | | | | | | | | | | | Goldman Sachs | | Money market funds | | | | | 4,461,148 | | | | | | | | | | | | | | | | | | | * | | Charles Schwab | | Brokerage account | | | | | 218,393,029 | | | | | | | | | | | | | | | | | | | * | | Participant loans | | Maturing through December 2045, interest | | | | | | | | | | | | | rates ranging from 3.25% to 9.50% | | $ | – | | | | 39,574,892 | | | | | | | | | | | | | | $ | 3,880,486,832 | | | | | | | | | | | | | | | | | | | * | | Represents a permitted party-in-interest | | | | | | | | | | ** | | Cost information is not required for participant-directed investments | | | | | | | | |
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