LINCOLN NATIONAL CORP

Lincoln National Corporation's Q1 2026 13F is a $3.45B, 20-position portfolio composed entirely of exchange-traded funds (ETFs) -- a passive, institutional-grade core-satellite allocation with zero individual equity names. Total AUM rose slightly from $3.42B in Q4 2025 to $3.45B in Q1 2026 (+$33.1M or +1.0%), a modest expansion consistent with normal market movements in a diversified ETF basket. The portfolio's five anchor positions -- Vanguard Growth ETF (VUG, $314M, 9.1%, +7.9% shares, the largest increase), Vanguard Short-Term Bond ETF (BSV, $306M, 8.9%, +1.3%), Vanguard Value ETF (VTV, $275M, 8.0%, -6.4% shares, the largest decrease), Vanguard Total Stock Market ETF (VTI, $265M, 7.7%, +0.7%), and Vanguard FTSE Developed Markets ex-US ETF (VEU, $249M, 7.2%, -2.1%) -- total $1.41B or 40.8% of AUM. The Q1 2026 activity was exclusively rebalancing: 0 new opens, 1 sold (VWO, Vanguard FTSE Emerging Markets ETF, $119M in Q4, SOLD entirely), 11 increased, 8 decreased, 0 unchanged. The most notable trade is VWO's complete liquidation -- the portfolio exited its emerging-markets equity sleeve entirely in Q1 2026. SCHP (Schwab US TIPS ETF) was the portfolio's largest absolute increase (+$152.8M, +180% shares) -- a dramatic inflation-hedge buildout. IEMG (iShares Core MSCI Emerging Markets) was increased +$42.3M despite VWO being sold, suggesting a share-class switch within emerging markets (Vanguard → iShares). BNDX (Vanguard Total International Bond ETF) and BLV (Vanguard Long-Term Bond ETF) were increased; VMBS (Vanguard Mortgage-Backed Securities) was increased. The international equity sleeve (VEU, VEA, VGK, VPL, VXUS) was generally decreased or held flat, while the US equity sleeve (VUG, VTV, VTI, VOO, VB, VXF) was mixed with VUG and VTI increased and VTV and VB decreased. The fixed-income sleeve totals approximately $1.25B or 36.2% of AUM (BSV $306M + BIV $169M + BLV $181M + VMBS $178M + BNDX $226M + SCHP $237M), reflecting a significant duration-and-credit diversification. The sector breakdown is 100% ETF. The 76.25 whaleScore on $3.45B reflects AUM just below the highest tier. The portfolio reads as an institutional pension-or-insurance-company treasury running a diversified global 60/40 equity/fixed-income mandate using exclusively low-cost Vanguard and iShares ETFs with specific tilts toward US growth (VUG overweight), short-duration bonds (BSV overweight), and TIPS/inflation protection (SCHP dramatically increased). The Q1 2026 delta is best read as: Lincoln National executed a modest rebalancing -- dramatically increasing SCHP (+$152.8M, the portfolio's defining fixed-income trade), increasing IEMG (+$42.3M), reducing VTV (-$10.9M) and VB (-$3.4M), completely exiting VWO (-$119M), and maintaining the core VUG/BSV/VTI/VEU/VOO/BLX positions. The +1.0% AUM growth is essentially flat. This is a textbook passive institutional investor with no individual stock names, no alternatives -- pure ETFs, buy-and-hold, periodic rebalancing.