Sec Form 4 Filing - TRUMBLE CASEY J @ LINCOLN NATIONAL CORP - 2004-03-11

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL OMB Number: 3235-0287 Expires: November 30, 2011 Estimated average burden hours per response... 0.5

1. Name and Address of Reporting Person TRUMBLE CASEY J 2. Issuer Name and Ticker or Trading Symbol LINCOLN NATIONAL CORP [ LNC] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) SVP & Chief Accounting Officer (Last) (First) (Middle) CENTRE SQUARE - WEST TOWER, 1500 MARKET STREET, STE 3900 3. Date of Earliest Transaction (MM/DD/YY) 03/11/2004 (Street) PHILADELPHIA, PA191022112 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Phantom Performance Stock Unit Award ( 1 ) $ 47.58 03/11/2004 A 6,517 ( 2 ) ( 2 ) Common Stock 6,517 $ 47.58 6,517 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other TRUMBLE CASEY J CENTRE SQUARE - WEST TOWER 1500 MARKET STREET, STE 3900 PHILADELPHIA, PA191022112 SVP & Chief Accounting Officer Signatures By: /S/ C. Suzanne Womack, POA for Casey J. Trumble 05/07/2004 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Reporting Person elected to recieve Phantom Performance Stock Units under the LNC Incentive Compensation Plan for the 2004-2006 Long Term Incentive Plan cycle ("LTIP"), payable in 2007. The Phantom Performance Stock Units are valued at the average of the high and low price of LNC common stock reported on the NYSE on March 11, 2004. The number in column 5 is a target only; the actual number of shares of common stock issued will not be determined until the scheduled payout for the LTIP in 2007. ( 2 )If the performance targets as set forth in the 2004-2006 LTIP are achieved, reporting person will receive common stock in March of 2007.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.