Filed
Pursuant to Rule 424(b)(3)
Registration
Statement No. 33-51415
PROSPECTUS
SUPPLEMENT
(To
Prospectus dated April 27, 1995)
LINCOLN
NATIONAL CORPORATION EXECUTIVE DEFERRED COMPENSATION
PLAN
FOR AGENTS PROSPECTUS
The
Date of this SPD and Prospectus Supplement is June 10,
2005.
This
Prospectus Supplement contains additional information about the Lincoln National
Corporation Executive Deferred Compensation Plan for Agents (“Agents’ Plan”).
This
is to advise you of changes to two of the investment options for the Agents’
Plan.
Effective
June 20, 2005,
the Janus Aspen Series Growth fund (Separate Account #70) will be renamed
the
Janus Aspen Series Large Cap Growth fund (Separate Account #70). In connection
with its name change, the portfolio is adopting a new investment policy,
whereby
under normal market conditions, the portfolio invests at least 80% of its
net
assets in common stock of large-sized companies. Large-sized companies are
those
whose market capitalization falls within the range of companies in the Russell
1000 Index at the time of purchase. The portfolio manager looks at companies
one
at a time to determine if a company is an attractive investment opportunity
and
if it is consistent with the portfolio’s investment policies. If the manager is
unable to find such investments, the portfolio’s uninvested assets may be held
in cash or similar investments.
Effective
April 27, 2005,
the Large Capitalization Equity fund (Separate Account #23) adopted a new
investment policy. The account pursues its investment objective by investing
in
companies who have earnings that are believed to be growing faster than the
market. The long-term investment objective of the fund is to exceed the total
return of the Standard & Poor’s 500 Stock Index and the Russell 1000 Growth
Index over a complete market cycle.
You
do not need to make any changes to your account as a result of these changes.
However, you may wish to review your allocations to ensure that this investment
option fits you personal objectives, and make any changes that you think
are
necessary.
Information
about this Prospectus Supplement
We
are not making an offer of these securities in any state or jurisdiction
where
the offer is not permitted. This Prospectus Supplement may add, update
or
change information in the Prospectus. If information in this Prospectus
Supplement is inconsistent with any information in the Prospectus (or any
information incorporated therein by reference), this Prospectus Supplement
will
apply and will supersede such information in the Prospectus.
Neither
the Securities and Exchange Commission nor any state securities commission
has
approved or disapproved these securities or determined if the prospectus
is
truthful or complete. Any representation to the contrary is a criminal
offense.