THE ALL-IN-ONE PORTFOLIO CHOICE

(1)

THE ALL-IN-ONE PORTFOLIO CHOICE

Target Date Portfolios for Froedtert Health and WDL retirement plan participants

How Target Date Portfolios work

The Target Date Portfolios are created from a mix of funds available in the Froedtert Health and WDL retirement plan investment lineups. Rather than choosing and monitoring individual fund options on your own, you simply choose one of these professionally designed, all-in-one portfolios that best matches your savings objectives.

You have a choice of conservative, moderate, or aggressive portfolios, and each one corresponds to a specific risk profile and time horizon that includes the year you expect to reach normal retirement age, which is defined as age 65.

Each portfolio is a prebuilt investment portfolio that provides:

• Strategic diversification across asset classes

Each Target Date Portfolio is a carefully selected mix of investment options primarily consisting of stock-based and bond-based mutual funds from your retirement plan investment lineups. The mix or asset allocation of funds making up the portfolio changes over time, becoming more conservative as you approach normal retirement age.

• Convenience.

All you have to do is choose one and you’re done.

Important considerations:

The Target Date Portfolios are investment options in the Froedtert Health and WDL retirement plans and do not represent investment recommendations or advice. Your asset allocation should reflect your personal goals and investment preferences. The Target Date Portfolios are rebalanced annually.

As with most individual investments offered in your plan, the principal value of the portfolio isn’t guaranteed at any time, including at the target retirement date. An asset allocation strategy doesn’t guarantee performance or protect against investment losses.

Keep in mind that all investments involve risk. The value of the investment options that make up a specific Target Date Portfolio fluctuate and there is no assurance that the objective of any fund will be achieved. Mutual fund shares are redeemable at the then-current net asset value, which may be more or less than their original cost. If you determine that the portfolio you have selected no longer meets your objectives, you can choose other investment options in the plan at any time. Your own portfolio selection may vary, depending on personal objectives, time horizon, risk tolerance, and other assets held outside of the plan. The final decision regarding investment choice is yours, based on your individual situation, which may include factors and circumstances beyond the scope of these portfolios.

(2)

WHAT THE TERMS MEAN

Glide path

A way of describing how a Target Date Portfolio gradually becomes more

conservative as the target retirement date approaches. Once the target retirement date is reached, each Target Date Portfolio converts to a Retirement Portfolio, and the asset allocation stays the same from that point on.

Risk tolerance

The amount of investment risk you’re comfortable taking with your retirement savings. Investors generally have a conservative, moderate, or aggressive risk profile.

Savings objective

The combination of the amount of money you want to have in retirement, the amount of time you have to accumulate savings until retirement, and your risk profile.

Stock transition

The term used to describe the slow and systematic reduction in the amount of stock- based investments in each Target Date Portfolio. The stock transition percentages are shown in the Portfolio Allocations glide path graphic for each Target Date Portfolio on pages 3, 4, and 5.

Time horizon

The number of years from now until you reach your target retirement year.

CHOOSING A PORTFOLIO

Identify when you want to retire, determine your risk tolerance, and choose one Target Date Portfolio.

Select your target retirement date

The target retirement date is the approximate date when you plan to retire or start withdrawing your money. The portfolios are offered in five-year increments to give you the flexibility to choose the portfolio with the date closest to your target retirement date. However, if your target retirement date falls between two portfolios, selecting the portfolio with the date closer to today is a more conservative choice. The portfolio with the date further from today is a more aggressive choice (due to positioning on the glide path). The portfolio automatically allocates less to stock funds and more to bond funds and stable value, becoming increasingly conservative as your target retirement date approaches.

Select a glide path

Once you’ve selected your target retirement date based on your expected retirement date, select the glide path that best matches your objectives and risk tolerance.

Risk refers to investment risk, or the possibility that your investment may lose money. The Target Date Portfolios offer glide paths for conservative, moderate, and aggressive investors.

The conservative glide path may result in lower long-term returns than the moderate and aggressive glide paths. If you choose the conservative glide path, you may want to consider making additional contributions to compensate for potentially lower returns. The aggressive glide path may be appropriate for investors who are comfortable with high potential volatility and are willing to take additional risk to increase return potential. The moderate glide path offers the opportunity for growth with some reduction in potential volatility. These glide paths don’t necessarily meet the unique needs of all investors, and it is important to review the stock, bond, and stable value allocation of each Target Date Portfolio to decide which may best suit your objectives and financial position.

(3)

CONSERVATIVE TARGET DATE PORTFOLIO

Fidelity® Contrafund® K6 Vanguard® Institutional Index I American Funds Fundamental Invs R6 Oakmark Institutional Vanguard® Equity Income Adm Ivy Mid Cap Growth I JPMorgan Mid Cap Value R6 Vanguard® Small Cap Growth Index I Columbia Small Cap Value II Inst2 Amer Funds Europacific Growth R6 Dodge & Cox International Vanguard® International Explorer Inv Metropolitan West Total Return Bd I Dodge & Cox Income Lincoln Stable Value4

11% 7% 11% 3% 11% 7% 7% 7% 7% 2% 2% 0% 19% 6% 0%

10% 7% 11% 3% 11% 7% 7% 7% 7% 2% 2% 0% 20% 6% 0%

10% 7% 10% 3% 10% 6% 7% 6% 7% 1% 2% 0% 23% 8% 0%

9% 6% 9% 3% 9% 6% 6% 6% 6% 1% 2% 0% 27% 9% 1%

7% 5% 8% 2% 8% 5% 5% 5% 5% 1% 2% 0% 31% 10% 6%

6% 4% 6% 2% 7% 4% 4% 4% 4% 1% 1% 0% 35% 11% 11%

5% 3% 5% 1% 5% 3% 3% 3% 3% 1% 1% 0% 38% 12% 17%

3% 2% 4% 1% 4% 2% 3% 2% 3% 0% 1% 0% 38% 12% 25%

Mutual fund allocations for 1/1/2021 to 12/31/2021

Investor profile

This portfolio may be appropriate for those seeking a balance between short-term account preservation and long-term growth potential.

Risk profile

Generally, the conservative glide path involves less risk than the moderate and aggressive glide paths, but it may also provide lower long- term returns. To meet your retirement goals, you may want to make additional contributions to compensate for potentially lower returns.

Portfolio expense and performance information (as of 6/30/2021)

²

Portfolio allocations for 1/1/2021 to 12/31/2021

¹

Total %

Stocks Bond Stable Value

2065 Conservative 75% 25% 0%

Retirement Conservative 25% 50% 25%

Portfolio name Weighted average expense ratio³

Quarter YTD 1-year 3-year 5-year 10-year

Percent Annual per $1,000

2065 Conservative 0.43 $4.30 6.10 11.52 33.60 14.31 13.68 11.56

2060 Conservative 0.43 $4.30 6.10 11.52 33.60 14.31 13.68 11.56

2055 Conservative 0.43 $4.30 6.10 11.52 33.60 14.31 13.68 11.56

2050 Conservative 0.43 $4.30 6.00 11.37 33.41 14.26 13.65 11.55

2045 Conservative 0.43 $4.35 5.76 10.74 31.31 13.65 13.13 11.30

2040 Conservative^4,5 0.43 $4.33 5.43 9.61 28.72 13.00 12.41 10.82

2035 Conservative^4,5 0.41 $4.15 4.76 7.95 24.18 11.71 11.18 10.09

2030 Conservative^4,5 0.40 $3.99 4.18 6.42 19.79 10.52 9.89 9.15

2025 Conservative^4,5 0.38 $3.81 3.55 4.77 15.52 9.27 8.50 8.12

Retirement Conservative^4,5 0.36 $3.61 2.93 3.88 11.92 7.90 6.70 6.30

100%

80%

60%

40%

20%

0%

Percentage of Portfolio

Years Until Withdrawal

45 40 35 30 25 20 15 10 5 0

Your investment allocation at retirement and beyond Target Date Portfolio by Year

Stable Value Bond

Domestic Stock International Stock

Stock Transition (per year) 1% 2%

2065 2060 2055 2050 2045 2040 2035 2030 2025 Retirement

(4)

MODERATE TARGET DATE PORTFOLIO

14% 0% 13% 8% 14% 8% 8% 8% 8% 5% 5% 4% 4% 1% 0%

13% 0% 13% 8% 14% 8% 8% 8% 8% 5% 5% 4% 5% 1% 0%

13% 0% 12% 8% 13% 7% 8% 7% 8% 4% 5% 4% 8% 3% 0%

12% 0% 12% 7% 12% 7% 7% 7% 7% 4% 4% 4% 13% 4% 0%

10% 0% 10% 6% 11% 6% 6% 6% 7% 4% 4% 3% 20% 6% 1%

9% 0% 9% 5% 9% 5% 6% 5% 6% 3% 3% 3% 23% 8% 6%

7% 0% 7% 4% 8% 4% 5% 4% 5% 3% 3% 2% 27% 9% 12%

5% 0% 6% 3% 6% 3% 4% 3% 4% 2% 2% 2% 30% 10% 20%

Mutual fund allocations for 1/1/2021 to 12/31/2021

Investor profile

This portfolio may be appropriate for those looking primarily for growth and also seeking some reduction in volatility.

Risk profile

Generally, the moderate glide path involves less risk than the aggressive glide path, but it may also provide lower long-term returns. However, the risk profile of the moderate glide path is closer to the aggressive glide path than it is to the conservative glide path.

Portfolio expense and performance information (as of 6/30/2021)

²

Portfolio allocations for 1/1/2021 to 12/31/2021

¹

Total %

2065 Moderate 95% 5% 0%

2060 Moderate 95% 5% 0%

2055 Moderate 95% 5% 0%

2050 Moderate 94% 6% 0%

2045 Moderate 89% 11% 0%

2040 Moderate 83% 17% 0%

2035 Moderate 73% 26% 1%

2030 Moderate 63% 31% 6%

2025 Moderate 52% 36% 12%

Retirement Moderate 40% 40% 20%

2065 Moderate 0.47 $4.68 7.06 14.81 44.10 15.43 15.79 12.77

2060 Moderate 0.47 $4.68 7.06 14.81 44.10 15.43 15.79 12.77

2055 Moderate 0.47 $4.68 7.06 14.81 44.10 15.43 15.79 12.77

2050 Moderate 0.47 $4.68 6.96 14.66 43.90 15.38 15.76 12.75

2045 Moderate 0.47 $4.73 6.73 14.03 41.64 14.77 15.26 12.51

2040 Moderate 0.46 $4.65 6.44 12.78 38.64 14.21 14.57 12.06

2035 Moderate^4,5 0.46 $4.63 5.84 11.18 33.67 13.20 13.51 11.44

2030 Moderate^4,5 0.44 $4.45 5.27 9.67 29.06 12.12 12.24 10.60

2025 Moderate^4,5 0.42 $4.22 4.56 7.93 24.34 11.03 10.93 9.68

Retirement Moderate^4,5 0.39 $3.90 3.80 6.12 18.25 9.33 8.55 7.58

45 40 35 30 25 20 15 10 5 0

Stable Value Bond

Domestic Stock International Stock

Stock Transition (per year) 1% 2% 3%

2065 2060 2055 2050 2045 2040 2035 2030 2025 Retirement 100%

80%

60%

40%

20%

0%

(5)

AGGRESSIVE TARGET DATE PORTFOLIO

12% 0% 11% 11% 11% 8% 7% 8% 7% 8% 7% 10% 0% 0% 0%

11% 0% 11% 11% 11% 8% 7% 8% 7% 8% 7% 10% 1% 0% 0%

11% 0% 11% 11% 10% 7% 7% 7% 7% 7% 7% 9% 5% 1% 0%

10% 0% 10% 10% 10% 7% 6% 7% 6% 7% 6% 9% 9% 3% 0%

9% 0% 8% 9% 9% 6% 5% 6% 6% 6% 5% 8% 17% 5% 1%

7% 0% 7% 7% 7% 5% 4% 5% 5% 5% 4% 6% 24% 8% 6%

6% 0% 6% 6% 5% 4% 3% 4% 4% 4% 3% 5% 30% 10% 10%

Mutual fund allocations for 1/1/2021 to 12/31/2021

Investor profile

This portfolio may be appropriate for those who have a primary objective of growth.

Risk profile

Generally, the aggressive glide path involves more risk than the conservative and moderate glide paths, but it may also provide higher long-term returns.

Portfolio expense and performance information (as of 6/30/2021)

²

2065 Aggressive 0.48 $4.79 7.28 15.14 47.01 15.20 16.09 12.59

2060 Aggressive 0.48 $4.79 7.28 15.14 47.01 15.20 16.09 12.59

2055 Aggressive 0.48 $4.79 7.28 15.14 47.01 15.20 16.09 12.59

2050 Aggressive 0.48 $4.79 7.28 15.14 47.01 15.20 16.09 12.59

2045 Aggressive 0.48 $4.79 7.19 14.99 46.82 15.15 16.06 12.57

2040 Aggressive 0.48 $4.83 6.96 14.39 44.41 14.53 15.52 12.32

2035 Aggressive 0.47 $4.73 6.65 13.17 41.32 14.14 14.97 11.97

2030 Aggressive^4,5 0.47 $4.70 6.07 11.50 36.13 13.09 13.87 11.36

2025 Aggressive^4,5 0.45 $4.48 5.21 9.13 28.87 11.66 12.25 10.38

Retirement Aggressive^4,5 0.43 $4.31 4.56 7.27 22.71 10.57 10.01 8.49

Portfolio allocations for 1/1/2021 to 12/31/2021

¹

Total %

2065 Aggressive 100% 0% 0%

2060 Aggressive 100% 0% 0%

2055 Aggressive 100% 0% 0%

2050 Aggressive 100% 0% 0%

2045 Aggressive 99% 1% 0%

2040 Aggressive 94% 6% 0%

2035 Aggressive 88% 12% 0%

2030 Aggressive 77% 22% 1%

2025 Aggressive 62% 32% 6%

Retirement Aggressive 50% 40% 10%

Stable Value Bond

Domestic Stock International Stock 45 40 35 30 25 20 15 10 5 0

1% 2%

Stock Transition (per year) 3%

2065 2060 2055 2050 2045 2040 2035 2030 2025 Retirement 100%

80%

60%

40%

20%

0%

(6)

Mutual fund expense and performance information (as of 6/30/2021)

Fund Name Ticker Category Expense

ratio* 3-month YTD 1-year 3-year 5-year 10-year/

since inception**

Fidelity^® Contrafund^® K6 FLCNX Large Growth 0.45 11.73 13.98 37.23 20.37 – 20.87*

Vanguard^® Institutional Index I VINIX Large Blend 0.04 8.54 15.24 40.77 18.65 17.62 14.81 American Funds

Fundamental Investors R6 RFNGX Large Blend 0.28 7.35 14.23 39.45 15.64 16.21 13.63

Oakmark Institutional OANMX Large Blend 0.66 8.97 25.98 66.28 16.07 17.71 15.74*

Vanguard^® Equity-Income Adm VEIRX Large Value 0.19 5.27 15.86 37.84 12.67 12.29 12.50

Ivy Mid Cap Growth I IYMIX Mid Growth 0.79 9.28 11.40 48.15 27.39 25.04 15.65

JPMorgan Mid Cap Value R6 JMVYX Mid Value 0.73 5.39 21.78 51.83 11.09 10.85 11.06*

Vanguard^® Small Cap Growth

Index I VSGIX Small Growth 0.06 5.82 8.53 45.77 18.83 19.39 13.87

Columbia Small Cap

Value II Inst2 CRRRX Small Value 0.88 5.57 27.05 77.50 11.19 13.35 13.41*

American Funds EuroPacific

Growth R6 RERGX Foreign Large

Growth 0.46 6.97 6.51 40.10 13.79 14.50 8.33

Dodge & Cox International DODFX Foreign Large Value 0.63 4.66 12.15 40.39 7.48 10.22 5.52 Vanguard^® International

Explorer Inv VINEX Foreign Small/Mid

Blend 0.39 6.64 9.46 42.51 6.51 11.26 7.47

Metropolitan West Total

Return Bd I MWTIX Intermediate

Core Plus Bond 0.46 1.80 -1.16 1.28 6.12 3.63 4.32

Dodge & Cox Income DODIX Intermediate Core

Plus Bond 0.42 1.98 -0.58 3.39 6.42 4.54 4.26

Lincoln Stable Value^{4, 5} Z168 Stable Value 0.10 0.62 1.24 2.50 2.50 2.50 2.51

* A fund expense ratio is the percentage deducted from a fund’s assets each year to pay for portfolio management, accounting, and legal costs. It also includes marketing and distribution costs (which are classified as 12b-1 fees). The percentage is deducted from the fund’s assets, not from individual accounts. All funds offered in your retirement plan have expense ratios, and you can find detailed information about them in each fund’s prospectus. You can obtain a fund prospectus by calling the Customer Contact Center at 800-234-3500 or by accessing your account online at LincolnFinancial.com.

** Reflects since inception return if less than 10 years. Performance data prior to the inception date of the new class of funds is hypothetical and reflects historical returns of an existing share class at net asset value. Mutual funds are classified according to Morningstar. Several of these funds’ returns were achieved during favorable market conditions.

There can be no assurance that the funds will continue to achieve substantially similar performance as they previously experienced. The investment return and principal value of an investor’s shares, when redeemed, may be worth more or less than their original cost. Data source: Morningstar, June 30, 2021.

The performance data quoted represents past performance, and it does not guarantee future results. Investment returns and principal values will fluctuate, so an investor’s shares, when redeemed, may be worth more or less than their original cost. There can be no assurance that the funds will continue to achieve substantially similar performance as they previously experienced. The Lincoln Stable Value Account performance is based on current interest rates. Current performance may be higher or lower than the performance stated due to recent market volatility. Please visit LincolnFinancial.com for recent month-end performance.

Data source: Morningstar, Lincoln National Corporation, June 30, 2021.

1. Actual stock, bond, and stable value exposure may vary from that illustrated in the glide paths due to the use of mutual funds where the fund managers may adjust their exposure to each asset class. Actual results may vary.

2. Performance calculations are based on a hypothetical investment at the beginning of the evaluation period using the plan’s investment options with no contributions after the initial investment. For calculation purposes, it is assumed that rebalancing and/or reallocation (depending on whether the portfolio is in the transition phase) occurred on December 31 of each year. The actual date may not be December 31, but should be a day very close to December 31, meaning actual results may have been different.

3. Weighted average is determined by multiplying the expense ratio of each fund by its target allocation in the portfolio. This average does not include other plan expenses and is not offset by fund revenue sharing. The “Annual per $1,000” is the yearly fee paid for each $1,000 invested in the portfolio. For more information on total fees, contact Human Resources or your Lincoln retirement consultant.

4. The Lincoln Stable Value Account is a fixed annuity contract issued by The Lincoln National Life Insurance Company, Fort Wayne, IN 46802 on Form 28866-SV 01/01, 28866- SV20 05/04, 28866-SV90 05/04, AN 700 01/12, or AR 700 10/09. Guarantees for the Lincoln Stable Value Account are subject to the claims-paying ability of the issuer.

5. The Lincoln Stable Value Account has a stated expense ratio of 0.10%. Additional revenue can be earned from the spread between the performance of the account that backs the option and its stated crediting rate. Any additional revenue earned from this spread is not included in the weighted average expense ratio provided. To assess the prudence of investing in the Lincoln Stable Value option and portfolios that have an allocation to it, investors should evaluate the competitiveness of the option’s stated crediting rate, which is net of fees.

Securities and investment advisory services offered through Lincoln Financial Advisors Corp. (LFA), a broker-dealer (member FINRA), and an affiliate of Lincoln Financial Group.

Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Affiliates are separately responsible for their own financial and contractual obligations.

Mutual funds are classified according to Morningstar. Generally, higher potential returns involve greater risk and short-term volatility. For example, small-cap, mid-cap, sector, and emerging funds can experience significant price fluctuation due to business risks and adverse political developments. International (global) and foreign funds can experience price fluctuations due to changing market conditions, currency values, and economic and political climates. Bond funds that invest in bonds with lower credit ratings typically experience greater price fluctuations and risk of loss of principal than when investing directly in U.S. government securities (such as U.S. Treasury bonds and bills), which are guaranteed by the government for repayment of principal and interest if held to maturity. Underlying mortgage-backed securities of some bond funds may be more likely to be prepaid during periods of declining interest rates, which could hurt the fund’s share price or yield and may be prepaid more slowly during periods of rapidly rising interest rates, which might lengthen the fund’s expected maturity. Investors should carefully assess the risks associated with an investment in the fund. Mutual fund shares are not insured and are not backed by the U.S.

government, and their value and yield will vary with market conditions.

To obtain a prospectus, call the Lincoln Customer Contact Center at 800-234-3500. The prospectus contains the investment objectives, risks, charges, expenses, and other information about the respective investment company that you should consider carefully before investing. Please read the prospectus carefully before investing or sending money.

(7)

ALREADY RETIRED OR RETIRING SOON?

If you’re retired or close to retirement, the Retirement Portfolio may be appropriate for you. The diversified nature of the portfolio may help lessen the impact on your account caused by market ups and downs. The primary goal of the Retirement Portfolio is to generate income and preserve capital. The secondary goal is to provide modest growth that outpaces inflation. You can choose a Conservative, Moderate, or Aggressive Retirement Portfolio based on the level of risk you want to take (your risk tolerance).

Once a Target Date Portfolio reaches its target retirement year, it automatically converts to a Retirement Portfolio. The Retirement Portfolio is rebalanced annually, but its allocation is static, meaning the mix of investments making up the portfolio no longer adjusts annually to reduce risk. Review the retirement allocation to be sure it meets your retirement objectives.

While these are called “retirement” portfolios, there is no guarantee that the portfolio will provide adequate income at or through your retirement, nor does it assume or require you to take retirement income while you’re invested in the Retirement Portfolio. Asset allocation, a tool used to diversify assets, doesn’t eliminate risk, guarantee a profitable investment return, or guarantee against loss. Instead, it’s a method used to manage risk.

Also, Retirement Portfolios aren’t designed to provide for plan distributions or withdrawals over a set period or to guarantee a return of principal. Plan distributions and withdrawals will reduce your investment balance, and amounts withdrawn don’t earn future returns. Retirement Portfolios may not be appropriate for all plan participants, and there is no guarantee that a Retirement Portfolio will achieve its objective. Share prices fluctuate in a portfolio’s underlying fund, which means you may lose money by investing in accordance with portfolio allocations.

Retirement Conservative Portfolio

25% Stable Value 25% Total Stocks 50% Bonds

Retirement Moderate Portfolio

Retirement Aggressive Portfolio

(8)

Mutual funds in the Lincoln Alliance^® program are sold by prospectus. An investor should consider carefully the investment objectives, risks, and charges and expenses of the investment company before investing. The prospectus and, if available, the summary prospectus contain this and other important information and should be read carefully before investing or sending money. Investment values will fluctuate with changes in market conditions so that, upon withdrawal, your investment may be worth more or less than the amount originally invested. Prospectuses for any of the mutual funds in the Lincoln Alliance^® program are available at 800-234-3500.

Each Target Date Portfolio consists of a mix of stock-based and bond-based funds along with a stable value component.

The mix or asset allocation of funds and other investments making up the portfolio will change over time, becoming more conservative as you approach normal retirement age. A portfolio’s actual allocation may vary from the target strategic allocation at any point in time.

The Target Date and Retirement Portfolios are investment options in the Froedtert Health and WDL retirement plans and do not represent investment recommendations or advice. The Target Date and Retirement Portfolios are not mutual funds.

Your asset allocation should reflect your personal goals and investment preferences. The Target Date and Retirement Portfolios are rebalanced annually. Actual results may vary. Past performance in no way guarantees future results and the principal value of an investment is not guaranteed at any time, including at or after the target maturity date. The portfolio expense ratio is a weighted average determined by multiplying the expense ratio of each fund by its target allocation in the portfolio. This average does not include other plan expenses and is not offset by fund revenue sharing. Income taxes may be payable upon withdrawal. Federal restrictions and a 10% federal early withdrawal penalty may apply if taken before age 59½. Please see your specific retirement plan for restrictions. For more information on total fees, contact a Lincoln retirement consultant at https://LFG.com/FroedtertSchedule. If you determine that the portfolio you have selected no longer meets your objectives, you can choose other investment options in the plan at any time.

By selecting a Target Date Portfolio, a participant invests in the same percentages illustrated in that portfolio. The participant’s account will then experience any associated glide path, reallocation, and automatic rebalancing activities associated with the portfolio as designed by the investment consultant. Asset allocation portfolios are based on generally accepted investment theories that take into account historical market performance and investment principles specified by modern portfolio theory. The material facts and assumptions on which asset allocation portfolios are based include the following: participant’s risk profile, participant’s distribution/retirement date, historical market performance, modern portfolio theory, and investment risk/return interrelationship characteristics. In applying particular asset allocation portfolios to their individual situations, participants or beneficiaries should consider their other assets, income, and investments (e.g., equity in a home, IRA investments, savings accounts, and interests in other qualified and nonqualified plans) in addition to their interest in the plan. An asset allocation strategy and diversification may help reduce, but cannot eliminate, risk of investment losses. There is no guarantee that by assuming more risk you will achieve higher returns. Asset allocation portfolios generally include all of the investment options available. However, other investment options with similar risk and return characteristics may be available under the plan. Information about these investment options may be found in the investment section of your enrollment book or the fund prospectus. For any investment option in the plan, including an option that is part of a portfolio, you may obtain a prospectus or a similar document by requesting one from your employer, visiting your plan’s website, or calling the Lincoln Customer Contact Center at 800-234-3500.

The Lincoln Alliance^® program includes certain services provided by Lincoln Financial Advisors Corp. (LFA), a broker- dealer (member FINRA) and an affiliate of Lincoln Financial Group, 1300 S. Clinton St., Fort Wayne, IN 46802. Unaffiliated broker-dealers also may provide services to customers. Lincoln Investment Advisors Corporation (LIAC) is the investment management organization of Lincoln Financial Group.

Lincoln retirement consultants are registered representatives of Lincoln Financial Advisors Corp.

This material is provided by The Lincoln National Life Insurance Company, Fort Wayne, IN, and, in New York, Lincoln Life

& Annuity Company of New York, Syracuse, NY, and their applicable affiliates (collectively referred to as “Lincoln”). This material is intended for general use with the public. Lincoln does not provide investment advice, and this material is not intended to provide investment advice. Lincoln has financial interests that are served by the sale of Lincoln programs, products, and services.

Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates, including Lincoln

CCT 7/21 Z17

Order coder: FRD-FHTDB-BRC001