LINCOLN NATIONAL CORP — Director's Dealing 2005

Jul 9, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LINCOLN NATIONAL CORP (LNC)
CIK: 0000059558
Period of Report: 2005-07-07

Reporting Person: KOWALCZYK BARBARA S (SVP CP&D)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-07-07	Common Stock	I	748.63	$47.30	Acquired	56957.08	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	10329.7	Indirect

Footnotes

F1: Includes shares received pursuant to dividend reinvestment.

F2: Represents routine transactions in the Company's 401(k) Plan from 1/27/05 to 6/1/05.