Lincoln Investor Advantage - lfg Client Guide two.pdf · SEI VP Market Growth Strategy Fund...

LINCOLN VARIABLE ANNUITIES

Insurance products issued by:The Lincoln National Life Insurance Company Lincoln Life & Annuity Company of New York

Not a deposit Not FDIC-insured May go down in value

Not insured by any federal government agency

Not guaranteed by any bank or savings association

Lincoln Investor Advantage ®

1404374

Investment Guide

2

Lincoln Investor Advantage® investments powered by excellence

* These fees include investment expenses such as short sales dividend and interest expenses.

Fixed IncomeCore BondsCore Bonds

American Funds Mortgage FundSM 0.95%

LVIP American Preservation Fund 0.88%

LVIP Delaware Bond Fund 0.70%

LVIP Dimensional/Vanguard Total Bond Fund 0.65%

LVIP SSGA Bond Index Fund 0.58%

Putnam VT Income Fund 0.80%

TIPS

LVIP BlackRock Inflation Protected Bond Fund 0.72%

Short-Term BondsLord Abbett Series Fund Short Duration Portfolio 0.80%

LVIP PIMCO Low Duration Bond Fund 0.82%

International/Global BondsLVIP Global Income Fund 0.89%

PIMCO VIT Emerging Markets Bond Portfolio 1.10%

Templeton Global Bond VIP Fund 0.86%

High Yield Bonds Ivy Funds VIP High Income Portfolio 0.91%

LVIP JPMorgan High Yield Fund 0.92%

Specialty/Multisector BondsMultisector Bonds

Delaware VIP® Diversified Income Series 0.92%

Fidelity® VIP Strategic Income Portfolio 0.93%

Goldman Sachs VIT Strategic Income Fund 1.27%

Lord Abbett Series Fund Bond Debenture Portfolio 0.90%

PIMCO VIT Unconstrained Bond Portfolio 1.15%

Virtus Multi-Sector Fixed Income Series 0.94%

Floating Rate Bonds

Eaton Vance VT Floating-Rate Income Fund 1.16%

LVIP Delaware Diversified Floating Rate Fund 0.87%

Money MarketGoldman Sachs VIT Money Market Fund 0.48%

EquitiesU.S. Large Blend ALPS/Stadion Tactical Growth Portfolio 1.55%

American Funds Blue Chip Income and Growth FundSM 0.92%

American Funds Growth-Income FundSM 0.79%

Fidelity® VIP Contrafund® Portfolio 0.88%

Franklin Rising Dividends VIP Fund 0.97%

Hartford Capital Appreciation HLS Fund 1.16%

Invesco V.I. Equally-Weighted S&P 500 Fund 0.84%

LVIP Dimensional U.S. Core Equity 1 Fund 0.73%

LVIP Dimensional U.S. Core Equity 2 Fund 0.72%

LVIP SSGA S&P 500 Index Fund 0.46%

LVIP Vanguard Domestic Equity ETF Fund 0.60%

U.S. Large Growth American Funds Growth FundSM 0.85%

ClearBridge Variable Aggressive Growth Portfolio 1.05%

Delaware VIP® U.S. Growth Series 0.99%

Fidelity® VIP Growth Portfolio 0.90%

LVIP Delaware Social Awareness Fund 0.77%

LVIP T. Rowe Price Growth Stock Fund 1.01%

LVIP Wellington Capital Growth Fund 0.99%

MFS® VIT Growth Series 1.02%

Transparent Value Directional Allocation VI Portfolio 1.63%

U.S. Large ValueDelaware VIP® Value Series 0.96%

Franklin Mutual Shares VIP Fund 1.08%

Invesco V.I. Comstock Fund 1.03%

Invesco V.I. Diversified Dividend Fund 0.98%

LVIP MFS Value Fund 0.90%

LVIP SSGA Large Cap 100 Fund 0.59%

U.S. Mid CapAB VPS Small/Mid Cap Value Portfolio 1.07%

ClearBridge Variable Mid Cap Core Portfolio 1.10%

Delaware VIP® Smid Cap Growth Series 1.08%

Fidelity® VIP Mid Cap Portfolio 0.88%

Franklin Small-Mid Cap Growth VIP Fund 1.15%

Ivy Funds VIP Mid Cap Growth Portfolio 1.15%

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio 1.17%

LVIP Baron Growth Opportunities Fund 1.26%

LVIP T. Rowe Price Structured Mid-Cap Growth Fund 1.01%

LVIP Wellington Mid-Cap Value Fund 1.19%

U.S. Small CapDelaware VIP® Small Cap Value Series 1.05%

Franklin Small Cap Value VIP Fund 0.98%

Ivy Funds VIP Micro Cap Growth Portfolio 1.32%

Lord Abbett Series Fund Developing Growth Portfolio 0.90%

LVIP SSGA Small-Cap Index Fund 0.62%

LVIP SSGA Small-Mid Cap 200 Fund 0.66%

Oppenheimer Main Street Small Cap Fund®/VA 1.05%

International EquityAmerican Funds International FundSM 1.04%

Invesco V.I. International Growth Fund 1.27%

LVIP Dimensional International Core Equity Fund 0.90%

LVIP MFS International Growth Fund 1.04%

LVIP Mondrian International Value Fund 0.98%

LVIP SSGA Developed International 150 Fund 0.63%

LVIP SSGA International Index Fund 0.66%

LVIP Vanguard International Equity ETF Fund 0.70%

MFS® VIT International Value Series 1.20%

Oppenheimer International Growth Fund/VA 1.25%

Templeton Foreign VIP Fund 1.12%

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A variable annuity is a long-term investment product that offers tax-deferred growth, access to leading investment managers, and a lifetime income stream. To decide if a variable annuity is right for you, consider that its value will fluctuate; it is subject to investment risk and possible loss of principal; and there are costs associated such as mortality and expenses, administrative and advisory fees. All guarantees, including those for optional features, are subject to the claims-paying ability of the issuer. Limitations and conditions apply.

Global EquityAmerican Funds Global Growth FundSM 1.05%

American Funds Global Small Capitalization FundSM 1.24%

Emerging Markets American Funds New World Fund® 1.28%

Delaware VIP® Emerging Markets Series 1.63%

LVIP SSGA Emerging Markets 100 Fund 0.69%

Equity — Volatility ManagedLVIP BlackRock Equity Dividend Managed Volatility Fund 0.97%

LVIP Dimensional International Equity Managed Volatility Fund 1.03%

LVIP Dimensional U.S. Equity Managed Volatility Fund 0.83%

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund 1.07%

LVIP Multi-Manager Global Equity Managed Volatility Fund 1.21%

LVIP Franklin Templeton Global Equity Managed Volatility Fund 1.01%

AlternativesAlternative StrategiesBlackRock iShares® Alternative Strategies V.I. Fund 1.41%

Deutsche Alternative Asset Allocation VIP Portfolio 1.88%

Guggenheim VT Long Short Equity Fund 2.15%

Guggenheim VT Multi-Hedge Strategies Fund 2.53%

Putnam VT Absolute Return 500 Fund 1.16%

Alternative Assets & Sector FundsAlternative Assets - Infrastructure

ALPS/Alerian Energy Infrastructure Portfolio 1.30%

UIF Global Infrastructure Portfolio 1.12%

Alternative Assets - Commodities

PIMCO VIT CommodityRealReturn® Strategy Portfolio 1.03%

Alternative Assets - Hard Assets

Van Eck VIP Global Hard Assets Fund 1.32%

Alternative Assets - Private Equity

ALPS/Red Rocks Listed Private Equity Portfolio 2.15%

Sector

Ivy Funds VIP Energy Portfolio 1.18%

Ivy Funds VIP Science and Technology Portfolio 1.15%

MFS® VIT Utilities Series 1.04%

Putnam VT Global Health Care Fund 1.01%

Virtus Equity Trend Series 1.62%

Real Estate Delaware VIP® REIT Series 1.09%

LVIP Clarion Global Real Estate Fund 0.98%

Asset AllocationTraditional Asset Allocation American Funds Asset Allocation FundSM 0.80%

American Funds Capital Income Builder® 1.03%

BlackRock Global Allocation V.I. Fund 0.98%

First Trust/Dow Jones Dividend & Income Allocation Portfolio 1.20%

First Trust Dorsey Wright Tactical Core Portfolio 1.30%

Franklin Founding Funds Allocation VIP Fund 1.11%

Franklin Income VIP Fund 0.82%

Invesco V.I. Equity and Income Fund 0.92%

JPMorgan Insurance Trust Income Builder Portfolio 0.93%

LVIP American Balanced Allocation Fund 0.98%

LVIP American Growth Allocation Fund 1.00%

LVIP Goldman Sachs Income Builder Fund 1.00%

LVIP SSGA Conservative Structured Allocation Fund 0.76%

LVIP SSGA Moderate Structured Allocation Fund 0.75%

LVIP SSGA Moderately Aggressive Structured Allocation Fund 0.77%

MultiassetALPS/Stadion Tactical Defensive Portfolio 1.58%

First Trust Multi-Income Allocation Portfolio 1.20%

Ivy Funds VIP Asset Strategy Portfolio 0.98%

JPMorgan Insurance Trust Global Allocation Portfolio 1.24%

LVIP AQR Enhanced Global Strategies Fund 1.10%

LVIP BlackRock Multi-Asset Income Fund 1.00%

LVIP Franklin Templeton Multi-Asset Opportunities Fund 1.21%

PIMCO VIT All Asset All Authority Portfolio 2.11%

SEI VP Market Growth Strategy Fund 1.65%

SEI VP Market Plus Strategy Fund 1.71%

Asset Allocation - Volatility/Risk ManagementInvesco V.I. Balanced-Risk Allocation Fund 1.05%

LVIP Global Growth Allocation Managed Risk Fund 0.91%

LVIP Global Moderate Allocation Managed Risk Fund 0.94%

LVIP SSGA Global Tactical Allocation Managed Volatility Fund 0.88%

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Asset allocation funds

Lincoln Investor Advantage® lineup includes more than 20 asset allocation funds from leading investment managers. Asset

allocation funds give you the ability to invest across several different asset classes all in one fund helping to spread out the risk

associated with investing in an individual asset class such as stocks. This one-step approach to portfolio diversification offers

broad exposure across traditional asset classes such as equities, bonds, cash and alternative asset classes, such as commodities,

real estate and currencies. Neither asset allocation nor diversification can ensure a profit or protect against loss.

Traditional Asset AllocationThese funds tend to emphasize traditional asset classes like stocks, bonds and cash. While some of the funds will vary the asset allocation over time, they generally take a strategic approach to how the funds' assets are allocated, creating an asset mix for a long-term investment horizon.

Name Asset breakdown Description

LVIP American Growth Allocation Fund

■ Equities ■ Fixed income ■ Cash

40-80% 20%-50% 7%

■ Equities ■ Fixed income ■ Convertibles

49% 38% 13%

■ Franklin Income VIP Fund

■ FranklinMutual Shares VIP Fund

■ Templeton Growth Fund

33% 33% 33%

60%-65% 15%–20% 10%–20%


60% 40%

■ Equities ■ Fixed income

American Funds Asset Allocation Fund

Franklin Income VIP Fund

Franklin Templeton VIP Founding Funds Allocation Fund

Invesco V.I. Equity and Income Fund

LVIP American Balanced Allocation Fund

70% 30%



LVIP Goldman Sachs Income Builder Fund 50% 50%


LVIP SSgA Conservative Structured Allocation Fund 40% 60%


LVIP SSgA Moderate Structured Allocation Fund 60% 40%


LVIP SSgA Moderately Aggressive Structured Allocation Fund 70% 30%


BlackRock Global Allocation V.I. Fund 60% 40%


First Trust/Dow Jones Dividend & Income Allocation Portfolio 40%–60% 40%–60%


■ Equities ■ Fixed income ■ Alternatives

20%–40% 40%–60% 10%–40% LVIP BlackRock Multi-Asset Income Fund


60% 25% 15% LVIP Franklin Templeton Multi-Asset Opportunities Fund

■ Equities ■ Fixed income ■ Other

51% 19% 30% SEI VP Market Growth Strategy Fund


73% 7% 20% SEI VP Market Plus Strategy Fund


80%-90% 0 –10%0 –10% LVIP AQR Enhanced Global Strategies Fund


23% Invesco V.I. Balanced-Risk Allocation Fund54% 23%


70% LVIP Managed Risk Profile Growth Fund30%


60% LVIP Managed Risk Profile Moderate Fund40%


60% LVIP SSgA Global Tactical Allocation RPM Fund40%

Seeks a balance between a high level of current income and growth of capital with a greater emphasis on growth of capital.

LVIP SSGA Moderately Aggressive Structured Allocation Fund


40-80% 20%-50% 7%


49% 38% 13%




33% 33% 33%

60%-65% 15%–20% 10%–20%


60% 40%







70% 30%

































Seeks a balance between a high level of current income and growth of capital with a greater emphasis on growth of capital through investment into a combination of passive index funds, exchange-traded funds (ETFs) and rules-based investment strategies.



40-80% 20%-50% 7%


49% 38% 13%




33% 33% 33%

60%-65% 15%–20% 10%–20%


60% 40%







70% 30%

































A strategy that focuses on reaping the rewards of market upswings while minimizing risk through comprehensive diversification of stocks, bonds and convertible bonds with the potential for positive change.

LVIP SSGA Moderate Structured Allocation Fund


40-80% 20%-50% 7%


49% 38% 13%




33% 33% 33%

60%-65% 15%–20% 10%–20%


60% 40%







70% 30%
































60% LVIP SSgA Global Tactical Allocation RPM Fund40%Seeks a balance between a high level of current income and growth of capital, through investment into a combination of passive index funds, exchange-traded funds (ETFs) and rules-based investment strategies.



40-80% 20%-50% 7%


49% 38% 13%




33% 33% 33%

60%-65% 15%–20% 10%–20%


60% 40%







70% 30%

































Seeks a balance between a high level of current income and growth of capital.

BlackRock Global Allocation V.I. Fund


40-80% 20%-50% 7%


49% 38% 13%




33% 33% 33%

60%-65% 15%–20% 10%–20%


60% 40%







70% 30%

































Seeks to provide equity-like returns with less risk over a full market cycle by diversifying broadly across the world.

American Funds Asset Allocation FundSM


40-80% 20%-50% 7%


49% 38% 13%




33% 33% 33%

60%-65% 15%–20% 10%–20%


60% 40%







70% 30%

































Seeks high total return consistent with preservation of capital over the long term. The Fund varies its mix of equity securities, fixed income securities and money market instruments.

The allocations for all asset allocation funds are approximate targets, not actual allocations. Actual allocations are subject to change.

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LVIP Goldman Sachs Income Builder Fund


40-80% 20%-50% 7%


49% 38% 13%




33% 33% 33%

60%-65% 15%–20% 10%–20%


60% 40%







70% 30%

































Seeks income, capital appreciation and lower volatility by accessing opportunities across both stocks and bonds in traditional and nontraditional segments of the market.

First Trust/Dow Jones Dividend & Income Allocation Portfolio


40-80% 20%-50% 7%


49% 38% 13%




33% 33% 33%

60%-65% 15%–20% 10%–20%


60% 40%







70% 30%

































The Portfolio is constructed from a quantitative process that seeks to provide total return through investing generally in dividend paying stocks and a diversified investment grade bond portfolio.



40-80% 20%-50% 7%


49% 38% 13%




33% 33% 33%

60%-65% 15%–20% 10%–20%


60% 40%







70% 30%

































The Fund seeks capital appreciation through a diversified, value-oriented approach — investing in a fixed allocation of three Franklin Templeton mutual funds that specifically target stocks and bonds trading at a discount to their true worth. The Fund seeks income as a secondary goal.

LVIP SSGA Conservative Structured Allocation Fund


40-80% 20%-50% 7%


49% 38% 13%




33% 33% 33%

60%-65% 15%–20% 10%–20%


60% 40%







70% 30%

































Seeks a high level of current income with some consideration given to growth of capital through investment into a combination of passive index funds, exchange-traded funds (ETFs) and rules-based investment strategies.

Franklin Founding Funds Allocation VIP Fund


40-80% 20%-50% 7%


49% 38% 13%




33% 33% 33%

60%-65% 15%–20% 10%–20%


60% 40%







70% 30%

































The Fund invests in equal allocations to three Franklin Templeton VIP funds that invest in stocks and bonds in the U.S. and abroad. The allocation is monitored and automatically rebalanced to maintain the equal allocation. The Fund’s rebalancing feature helps maintain equal exposure to three distinct investment strategies in any market environment.

American Funds Capital Income Builder® Fund

Allocation will vary—minimum 50% equities. The Fund has two primary investment objectives. It seeks (1) to provide you with a level of current income that exceeds the average yield on U.S. stocks generally, and (2) to provide you with a growing stream of income over the years. The Fund’s secondary objective is to provide you with growth of capital.

JPMorgan Insurance Trust Income Builder Portfolio

Allocation will vary. The Portfolio has significant flexibility to invest in a broad range of income-producing securities with no limit on the number of countries. The adviser attempts to capture attractive opportunities and has wide latitude to allocate the Portfolio’s assets among strategies and asset classes.

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MultiassetThese funds combine traditional asset classes with alternative asset classes and/or employ a more tactical approach to allocating assets, taking a more active approach to selecting asset classes that the manager feels can meet the fund objectives.


LVIP AQR Enhanced Global Strategies Fund


40-80% 20%-50% 7%


49% 38% 13%




33% 33% 33%

60%-65% 15%–20% 10%–20%


60% 40%







70% 30%

































This fund seeks to offer an opportunistic total return solution with a focus on a diversified, value and momentum based equity allocation, as well as a modest allocation to fixed income and alternative strategies.

SEI VP Market Plus Strategy Fund

SEI VP Market Plus Strategy Fund0 20 40 60 80 100

■ Equities ■ Fixed Income ■ Multiasset

64% 16% 20%An actively managed portfolio of SEI portfolios that seeks maximum growth over a long-term horizon by primarily holding portfolios that invest in U.S. and foreign equity, and to a lesser extent holds funds that invest in fixed income securities of varying quality.

LVIP Franklin Templeton Multi-Asset Opportunities Fund


40-80% 20%-50% 7%


49% 38% 13%




33% 33% 33%

60%-65% 15%–20% 10%–20%


60% 40%







70% 30%

































The Portfolio is an equity-focused, opportunistic multiasset strategy with a broad array of potential investments, including an exposure to alternatives. Tactical and strategic asset allocation will be an integral part of the portfolio. Seeks steady and consistent growth over time with volatility significantly less than the equity market.

SEI VP Market Growth Strategy Fund

SEI VP Market Plus Strategy Fund0 20 40 60 80 100

■ Equities ■ Fixed income ■ Multiasset

44% 24% 32%An actively managed portfolio of SEI portfolios that seeks growth while maintaining broad equity and fixed income participation with a tilt toward growth assets.

LVIP BlackRock Multi-Asset Income Fund


40-80% 20%-50% 7%


49% 38% 13%




33% 33% 33%

60%-65% 15%–20% 10%–20%


60% 40%







70% 30%

































A go-anywhere, flexible solution that seeks to deliver competitive income with a focus on risk management.

First Trust Multi-Income Allocation Portfolio

First Trust Multi-Income Allocation Portfolio


10%–20% 60%–80% 20%–40% This portfolio will follow both a strategic and tactical asset allocation process by being fully diversified in both traditional and nontraditional income producing investments. A portfolio designed to lower duration risk while generating an attractive yield and protecting principal. It contains nine income generating asset classes including dividend paying equities, preferred securities, MLPs, REITs, high yield bonds, senior loans, corporate bonds, MBS and TIPS.

ALPS/Stadion Tactical Defensive Portfolio

Tactical allocation will vary. The Fund seeks to participate in expanding cyclical markets while becoming defensive as conditions deteriorate.

JPMorgan Insurance Trust Global Allocation Portfolio

Tactical allocation will vary. The Portfolio seeks to maximize long-term total return. The adviser uses a flexible asset allocation approach in constructing the Portfolio, investing in a broad range of equity, fixed income and alternative asset classes in markets throughout the world.

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Ivy Funds VIP Asset Strategy Portfolio

Tactical allocation will vary. Strives to identify growth themes in the U.S. and global economies and then determine allocations among stocks, bonds, cash, precious metals, currency and derivatives.

Putnam VT Absolute Return 500 Fund

Tactical allocation will vary. The Fund seeks positive returns above inflation while employing strategies that may produce lower volatility over time. It can invest across global bonds, stocks, or alternative asset classes and can adjust as opportunities change.

Asset Allocation — Volatility/Risk ManagementIn addition to diversifying among a wide range of asset classes, these funds utilize risk management strategies designed to reduce market risk and volatility. The risk management strategies are not guaranteed, may not perform as expected and shareholders may experience loss.


LVIP Global Growth Allocation Managed Risk Fund


40-80% 20%-50% 7%


49% 38% 13%




33% 33% 33%

60%-65% 15%–20% 10%–20%


60% 40%







70% 30%

































Seeks a balance between a high level of current income and growth of capital with a greater emphasis on growth of capital. This fund also employs an actively managed risk-management overlay (“protection substrategy”).

LVIP Global Moderate Allocation Managed Risk Fund


40-80% 20%-50% 7%


49% 38% 13%




33% 33% 33%

60%-65% 15%–20% 10%–20%


60% 40%







70% 30%

































Seeks a balance between a high level of current income and growth of capital with an emphasis on growth of capital. This fund also employs an actively managed risk-management overlay (“protection substrategy”).

LVIP SSGA Global Tactical Allocation Managed Volatility Fund


40-80% 20%-50% 7%


49% 38% 13%




33% 33% 33%

60%-65% 15%–20% 10%–20%


60% 40%







70% 30%
































60% LVIP SSgA Global Tactical Allocation RPM Fund40%Seeks long-term growth of capital through broad diversification and a disciplined investment process. This volatility-managed fund utilizes tactical asset allocation in an attempt to capitalize on short- and long-term mispricings in the global equity and fixed income markets.

Invesco V.I. Balanced-Risk Allocation Fund

Allocation will vary. Seeks attractive returns in a variety of economic environments by using a risk-balanced approach that seeks to weight each asset so that it contributes a relatively equal amount of risk to the portfolio.

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60%

40%

Conservative

40%

60%

Moderate

10%

90%

Maximum growth

30%

70%

Growthn Fixed income

n Equities

Asset class guidance from Wilshire

Lincoln partnered with Wilshire Associates — a leader in investment advice — to create sample asset allocation strategies

using the Lincoln Investor Advantage® lineup. These strategies are intended to guide your investment selections across

both traditional and specialty asset classes. They are not actively managed asset allocation portfolios and the investor is in

control of selecting the investment options.

TIPS (core bonds) 4% 4% 3% —

Short-term bonds 10% 5% 2% —

Core bonds 37% 23% 18% 5%

High yield 5% 3% 2% 2%

International/global bonds 4% 5% 5% 3%

U.S. large growth 8% 10% 12% 14%

U.S. large value 10% 10% 11% 13%

U.S. mid cap 6% 10% 11% 13%

U.S. small cap 4% 5% 5% 6%

Foreign/global stock 9% 17% 20% 29%

Emerging markets 2% 5% 7% 9%

Real estate 1% 3% 4% 6%

Total 100% 100% 100% 100%

Fixed income 60% 40% 30% 10%

U.S. equity 28% 35% 39% 46%

International equity 11% 22% 27% 38%

Real estate 1% 3% 4% 6%

Risk-based asset allocation strategies

Designed to help you build a portfolio that balances your risk tolerance against your need for return.

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InvestorAdvantage.com

Thematic-based asset allocation strategies

Designed to help you build a portfolio that aligns your investment strategy with your unique financial goals.

Rising rates Income Inflation protection Defensive Opportunistic

For investors concerned about eroding capital during periods of rising rates

For investors looking for current income

For investors looking to protect against inflation eroding their purchasing power

For investors seeking to reduce the risk of drawdown by adding alternative asset classes as a diversifier to their equity holdings

For investors seeking global growth from funds whose managers have the flexibility to invest in the strongest opportunities available

Asset class Allocation

Core bonds — 10% — 20% —TIPS — — 15% — —Short-term bonds 12% — — — —International/global bonds — 5% — — 5%High yield bonds 5% 15% — — —Multisector bond 18% 10% 20% 15% 10%Floating rate 15% — 5% — —U.S. large growth 15% — 6% — 8%U.S. large value 5% 20 7% 10% 7%U.S. mid cap — — — — 10%U.S. small cap — — — — 5%Hard assets — — 5% — —Infrastructure 8% 10% 10% 5% —Commodities 7% — 8% 5% 5%Multiasset — — — 20% 10%Multialternative strategies 5% — 5% 10% 10%Real estate — 8% 7% — —Emerging markets — — — — 5%Foreign stock 10% 15% 12% — —World stock — 7% — 5% 25%Equity—volatility managed — — — 10% —

Total 100% 100% 100% 100% 100%

Fixed income 50.0% 40.0% 40.0% 35.0% 15.0% U.S. equity 20.0% 20.0% 13.0% 10.0% 30.0% Asset allocation/world stock 0.0% 7.0% 0.0% 35.0% 35.0% Foreign stock 10.0% 15.0% 12.0% 0.0% 5.0% Alternatives 20.0% 18.0% 35.0% 20.0% 15.0%

Put the expertise of Wilshire Associates to work for you

Founded in 1972, Wilshire Associates — creator of the Wilshire 5000 Total Market IndexSM — is a leader in providing portfolio

analytics, investment consulting, and asset management services to pension funds, endowments, foundations and financial

institutions. Through its Wilshire Funds Management division, Wilshire Associates serves as a consultant to Lincoln Investment

Advisors Corporation.

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The Lincoln Investor Advantage® investment options lineup offers investment options to build your portfolio — investment flexibility, portfolio diversification and investor control. Our investment partners represent some of the industry’s most respected managers, and our menu includes a diverse selection of traditional and alternative investment options.

SM

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Consider these risks and restrictions before investing in any of these options:

A Fund of funds invests primarily in other funds rather than individual securities. Funds of this nature may be more expensive than other investment options.Investing internationally involves risks not associated with investing solely in the United States, such as currency fluctuation, political risk, differences in accounting, and the limited availability of information.

Funds that invest in small- and/or mid-size company stocks typically involve greater risk, particularly in the short term, than those investing in larger, more established companies.

An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share it is possible to lose money by investing in the Fund.

Funds that concentrate investments in one region or industry may carry greater risk than more broadly diversified funds.

The return of principal in bond portfolios is not guaranteed. Bond portfolios have the same interest rate, inflation, credit, prepayment and market risks that are associated with the underlying bonds owned by the fund (or account).

Neither asset allocation nor diversification can ensure a profit, nor protect against loss in a declining market.

High yield portfolios may invest in high-yield or lower-rated fixed income securities (junk bonds), which may experience higher volatility and increased risk of nonpayment or default.

Alternative funds expect to invest in (or may invest in some) positions that emphasize alternative investment strategies and/or non-traditional asset classes and, as a result, are subject to the risk factors of those asset classes and/or investment strategies. Some of those risks may include general economic risk, geopolitical risk, commodity-price volatility, counterparty and settlement risk, currency risk, derivatives risk, emerging markets risk, foreign securities risk, high yield bond exposure, index investing risk, exchange traded notes risk, industry concentration risk, leveraging risk, real estate investment risk, master limited partnership risk, master limited partnership tax risk, energy infrastructure companies risk, sector risk, short sales risk, direct investments risk, hard assets sectors risk, active trading and “overlay” risks, event driven investing risk, global macro strategies risk, temporary defensive positions and large cash positions.

REITs involve risks such as refinancing, economic conditions in the real estate industry, changes in property values, dependency on real estate management, and other risks associated with a portfolio that concentrates its investments in one sector or geographic region.

Investing in emerging markets can be riskier than investing in well-established foreign markets. International investing involves special risks not found in domestic investing, including increased political, social, and economic instability.

Floating rate funds should not be considered alternatives to CDs or money market funds, and should not be considered as cash alternatives.

The value of an ETF may be more volatile than the underlying portfolio of securities the ETF is designed to track. The costs of owning the ETF may exceed the cost of investing directly in the underlying securities. Exchange-traded funds (ETFs) in this lineup are available through collective trusts or mutual funds. Investors cannot invest directly in an ETF.

Investments in the Funds are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46008 583 542 and its holding companies, including their subsidiaries or related companies, and are subject to investment risk, including possible delays in prepayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Series or Funds, the repayment of capital from the Series or Funds, or any particular rate of return.

An index is unmanaged, and one cannot invest directly in an index.

”Standard & Poor’s®”, “S&P®”, “S&P 500®”, “Standard & Poor’s 500” and “500” are trademarks of Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc. and have been licensed for use by Lincoln Variable Insurance Products Trust and its affiliates. The Product is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of purchasing the Product.

Dow Jones is a registered trademark of Dow Jones Trademark Holdings, LLC (“Dow Jones”). The trademark has been licensed to S&P Dow Jones Indices, LLC and has been sublicensed for use for certain purposes by First Trust Advisors, L.P. The product is not sponsored, endorsed, sold or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of purchasing the product.

Market cap: Large-cap companies (L) have a market capitalization ranging from greater than $5 billion to greater than $9.1 billion, depending on fund manager investment classifications. Mid-cap companies (M) have a market capitalization ranging from between $1–$5 billion to between $1.3–$9.1 billion, depending on fund manager investment classifications. Small-cap companies (S) have a market capitalization ranging from less than $1 billion to less than $1.3 billion, depending on fund manager investment classifications. Equity style: Value (V) focuses primarily on companies whose stock is believed to be selling below its true worth. Blend (B) focuses on a blend of both value and growth stocks. Growth (G) focuses primarily on companies whose stock is believed to be fairly valued but is expected to continue growing.

Duration: Short-range maturity (S) is up to 3.5 years. Intermediate-range maturity (I) is 3.5 years to 6 years. Long-range maturity (L) is greater than 6 years.


Ask yourself...Do you have significant assets held in taxable accounts? Do you have large holdings in tax-inefficient assets?

Are you currently subject to high marginal income tax rates?

Tax-efficient investing is one component of helping to protect your wealthAsk your advisor how you can prepare for rising healthcare expenses, market risk, longevity and inflation. Help protect your growing assets, your retirement income, and your legacy.

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Not insured by any federal government agency

Not guaranteed by any bank or savings association

May go down in value

©2016 Lincoln National Corporation

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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.

LCN-1404374-012716 POD 3/16 Z06 Order code: VA-IAINV-BRC001

Important information:

THE LVIP MANAGED RISK FUNDS AND LVIP MANAGED VOLATILITY FUNDS ARE NOT GUARANTEED OR INSURED BY LINCOLN OR ANY OTHER INSURANCE COMPANY OR ENTITY, AND SHAREHOLDERS MAY EXPERIENCE LOSSES. THE STRATEGIES USED BY THESE FUNDS ARE SEPARATE AND DISTINCT FROM ANY ANNUITY OR INSURANCE CONTRACT RIDER OR FEATURES.

Lincoln Financial Group® affiliates, their distributors, and their respective employees, representatives and/or insurance agents do not provide tax, accounting or legal advice. Please consult an independent advisor as to any tax, accounting or legal statements made herein.

Variable annuities are long-term investment products designed for retirement purposes and are subject to market fluctuation, investment risk, and possible loss of principal. Variable annuities contain both investment and insurance components and have fees and charges, including mortality and expense, administrative, and advisory fees. Optional features are available for an additional charge. The annuity’s value fluctuates with the market value of the underlying investment options, and all assets accumulate tax-deferred. Withdrawals of earnings are taxable as ordinary income and, if taken prior to age 59½, may be subject to an additional 10% federal tax. Withdrawals will reduce the death benefit and cash surrender value.

Investors are advised to consider the investment objectives, risks, and charges and expenses of the variable annuity and its underlying investment options carefully before investing. The applicable prospectuses for the variable annuity and its underlying investment options contain this and other important information. Please call 888-868-2583 for free prospectuses. Read them carefully before investing or sending money. Products and features are subject to state availability.

Lincoln Investor Advantage ® variable annuities (contract forms 30070-A, 30070-B, and state variations) are issued by The Lincoln National Life Insurance Company, Fort Wayne, IN, distributed by Lincoln Financial Distributors, Inc., a broker-dealer. The Lincoln National Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so.

Contracts sold in New York (contract forms 30070-A-NY and 30070-B-NY) are issued by Lincoln Life & Annuity Company of New York, Syracuse, NY, and distributed by Lincoln Financial Distributors, Inc., a broker-dealer.

All contract and rider guarantees, including those for optional benefits, fixed subaccount crediting rates, or annuity payout rates, are subject to the claims-paying ability of the issuing insurance company. They are not backed by the broker-dealer or insurance agency from which this annuity is purchased, or any affiliates of those entities other than the issuing company affiliates, and none makes any representations or guarantees regarding the claims-paying ability of the issuer.

There is no additional tax-deferral benefit for an annuity contract purchased in an IRA or other tax-qualified plan.

Lincoln Investment Advisors Corporation (LIAC) serves as the investment advisor to the LVIP Managed Risk Profile Funds and LVIP RPM Funds. LIAC is the subsidiary of The Lincoln National Life Insurance Company responsible for analyzing and reviewing the investment options within Lincoln variable products and providing recommendations regarding these options to Lincoln senior management.

Lincoln Investor Advantage for tax-efficient investing


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