Amended Form 3 details Lincoln National (NYSE: LNC) fund holdings

Rhea-AI Filing Summary

Lincoln National Life Insurance Company and its parent Lincoln National Corporation filed an amended Form 3 for the Lincoln Bain Capital Total Credit Fund. The update adds previously omitted holdings and identifies LNC as an additional reporting person. LNL directly holds 5,000,000 Class I shares and 1,000 shares each of Class A, Class D, and Class IS, while LNC is disclosed as the indirect beneficial owner through its wholly owned subsidiary.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

LINCOLN NATIONAL LIFE INSURANCE CO /IN/

(Last) (First) (Middle)

1300 SOUTH CLINTON ST

(Street)

FORT WAYNE IN 46802

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
09/09/2025

3. Issuer Name and Ticker or Trading Symbol
Lincoln Bain Capital Total Credit Fund [ LNBIX ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)
09/09/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class I shares of beneficial interest	5,000,000(1)	D(2)
Class A shares of beneficial interest	1,000(1)	D(2)
Class D shares of beneficial interest	1,000(1)	D(2)
Class IS shares of beneficial interest	1,000(1)	D(2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

LINCOLN NATIONAL LIFE INSURANCE CO /IN/

(Last) (First) (Middle)

1300 SOUTH CLINTON ST

(Street)

FORT WAYNE IN 46802

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

LINCOLN NATIONAL CORP

(Last) (First) (Middle)

150 N. RADNOR CHESTER ROAD

(Street)

RADNOR PA 19087

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. This amended Form 3 is being filed to (i) include shares that were omitted from The Lincoln National Life Insurance Company's ("LNL") original Form 3 and (ii) include Lincoln National Corporation, an Indiana corporation ("LNC"), as an additional reporting person in light of its indirect beneficial ownership of the reported securities as described in footnote (2) to this report.

2. These shares are directly owned by LNL, which is a wholly owned subsidiary of its parent holding company, LNC. LNC is an indirect beneficial owner of the reported securities.

	Name of Reporting Person: The Lincoln National Life Insurance Company, /s/ Gordon Huellmantel, Gordon Huellmantel, Senior Vice President	02/27/2026
	Name of Reporting Person: Lincoln National Coroporation, /s/ Gordon Huellmantel, Gordon Huellmantel, Senior Vice President	02/27/2026
	** Signature of Reporting Person	Date
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 5 (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).
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FAQ

What does Lincoln National Corporation's amended Form 3/A for LNBIX report?

The amended Form 3 reports Lincoln National Life Insurance Company’s holdings in Lincoln Bain Capital Total Credit Fund and adds Lincoln National Corporation as an indirect beneficial owner. It corrects the original filing by including previously omitted share classes and clarifying the ownership structure between LNL and LNC.

How many LNBIX Class I shares does Lincoln National Life Insurance Company hold?

Lincoln National Life Insurance Company directly holds 5,000,000 Class I shares of beneficial interest in the Lincoln Bain Capital Total Credit Fund. This position is reported on the amended Form 3/A as part of a correction to previously incomplete disclosures about the fund-related holdings.

Which additional reporting person is included in Lincoln National’s Form 3/A?

The amendment adds Lincoln National Corporation as an additional reporting person. The filing explains that Lincoln National Corporation is the indirect beneficial owner of the reported securities because Lincoln National Life Insurance Company, the direct owner, is its wholly owned subsidiary, clarifying the parent-subsidiary relationship.

What other share classes of LNBIX are reported in the amended Form 3/A?

Besides Class I shares, the amendment reports 1,000 Class A shares, 1,000 Class D shares, and 1,000 Class IS shares of beneficial interest. These positions were omitted from the original Form 3 and are now included to complete the disclosure of Lincoln National Life Insurance Company’s fund holdings.

How is beneficial ownership structured between LNL and LNC in this filing?

The filing states that Lincoln National Life Insurance Company directly owns the reported fund shares, while Lincoln National Corporation is an indirect beneficial owner. LNL is a wholly owned subsidiary of LNC, so the parent company’s beneficial interest arises through its complete ownership of the insurance subsidiary.