Lincoln Investor Advantage

P American Growth Allocation Fund Equities Equities Fixed income Fixed income Alternatives Asset allocation funds nvesco V.I. and Fund Invesco V.I. Equity Equity and Income Income Fund Advantage Lincoln Investor funds oldman Sachsallocation Income Builder Fund 60%-65% 60%-65% 73% 73% 15%–20% 15%–20% 10%–20% 10%–20% 7% 7% 20% 20% lineup includes more than 20 asset allocation funds from leading investment managers. Asset Equities Equities Fixed Fixed income income Equities Equities Convertibles Convertibles Fixed Fixed income income Other Other 50% 50% different asset classes all in one fund 70% helping to spread out the 30%risk give you the ability to invest across several Equities asset class Fixedsuch incomeas stocks. This one-step approach to Equities Fixed income associated with investing in an individual portfolio diversification offers broad exposure across traditional asset classes such as equities, bonds, cash and alternative asset classes, such as commodities, merican Fundsreal Assetestate Allocationand Fundcurrencies. Neither40-80% asset allocation nor diversification can loss. 20%–40%against 40%–60% 20%-50% 7%ensure a profit or protect 60% Equities 60% American Balanced Allocation Fund American Balanced Allocation Allocation Fund Fund ervative Structured 40% Traditional Asset Allocation Equities Equities Equities Fixed income 40% 40% 60% Fixed income Fixed Fixed income income Cash 10%–40% 60% Equities 80%-90% 80%-90% Fixed income 40% Alternatives 00–10%0 –10%0–10% –10% Equities Equities Equities Fixed Fixed income income 60% Equities Fixed income 25% Alternatives 15% Alternatives income Fixed Alternatives These 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.10%–40% merican Funds Asset Allocation Fund 20%–40% 40%–60% 40-80% 20%-50% 7% Name Asset breakdown Fixed38% 49% Equities income Franklin Income VIP Fund LVIP American Moderate Structured Allocation Fund Growth PP American Allocation Fund American Growth Growth Allocation Allocation Fund Fund LVIP SSGA Fund Moderately VIP Founding Funds Allocation gressive Structured Allocation Fund Aggressive Structured Allocation Fund oldman Sachs Goldman Sachs Income Income Builder Builder Fund Fund VIP Founding Funds Allocation Fund ackRock Global Allocation V.I. Fund Invesco V.I. Equity nvesco V.I. Equity and Income Fund Allocation servative and IncomeFund Fund servative Structured Structured Allocation Fund dend & Income Allocation Portfolio nvesco V.I. Equity and Income Fund LVIP SSGA Moderate Moderate Allocation Moderate Structured Structured Allocation Fund Fund Structured Allocation Fund American Balanced Allocation Fund LVIP American Balanced gressive Structured Allocation ggressive Allocation Fund Fund AmericanStructured Balanced Allocation Fund Allocation Fund P American Growth Allocation Fund BlackRock Global Allocation V.I. Fund P American Growth Allocation Fund merican Allocation Fund American oldman Funds Sachs Asset Income Builder Funds Fund Asset Allocation Fund SM servative Structured Allocation Fund Franklin Income VIP Fund 4 38% 13% Equities 33% 70% Fixed income 33% Convertibles 33% 30% Templeton Equities Franklin Income FranklinMutual Fixed income 50% 50% VIP Fund Shares VIP Fund Growth Fund 50% 50% Equities Equities Fixed Fixed income income 33% 60% Franklin Income VIP Fund Equities 60%-65% 40% 40% Equities Equities Equities 33% 33% 40% Templeton FranklinMutual VIP Fund Growth Fund Shares Fixed income 15%–20% 10%–20% 60% 60% Fixed income Convertibles Fixed Fixed income income 40%–60% 60%-65% Equities 60% Equities 60% 40%–60% 15%–20% 10%–20% Fixed income Fixed income 40% 40% Convertibles Equities 60% Equities Fixed Fixed income income 40% Equities Fixed income 70% 70% 60% 30% 40% 30% Equities Equities Equities 70% Fixed Fixed income income Fixed income Equities Fixed income 60% 60% ackRock Global lackRock Global Allocation Allocation V.I. V.I. Fund Fund oldman Sachs Income Builder Fund Fixed income 40% Convertibles 30% 30% Fixed income Fixed income Fixed income 49% Franklin Income VIP Fund idend idend && Income Income Allocation Allocation Portfolio Portfolio 60% Equities 70% 70% Equities Equities Equities Cash 13% Equities 50% 40-80% Equities Equities 40%–60% 40%–60% Fixed income 50% Fixed income Fixed40%–60% income 40%–60% Equities Equities Fixed Fixed income income 50% 40% Equities 49% Equities Equities 30% 25% 20%-50% Equities Fixed income Alternatives Equities Fixed income Other A strategy that73% focuses on reaping the rewards 7% 20% 60% 40% 60% 40% of market upswings while minimizing risk through Equities Fixed income Other Equities Equities Fixed Fixed income income comprehensive diversification of stocks, bonds and convertible bonds with the potential for positive change. 73% 7% 20% Seeks a balance between a high level of current 60% Equities Fixed income Other 40% 40% 60% income and growth of capital, through investment Equities income 0 –10%0 –10% 80%-90% Equities Fixed Fixed income into a combination of passive index funds, Equities Fixedrules-based income Alternatives exchange-traded funds (ETFs) and investment strategies. 40% 60% 0 –10%0 –10% 23% Equities 54% Fixed income 23% Alternatives Equities Fixed income Alternatives 7% Cash 13% Convertibles Fixed income 23% Alternatives 70% 30% Seeks high total return consistent with preservation 20%–40% 40%–60% 10%–40% of capital over the long term. The Fund varies its Equities Fixed income Equities Fixed income Alternatives mix of equity securities, fixed income securities and money market instruments. 70% 60% Equities 60% Equities Equities The allocations for all asset allocation funds are approximate targets, not actual allocations. Actual allocations are subject to change. servative Structured Allocation Fund 15% 51%between a high level 19% Seeks a balance of current30% income and growth of capital with greater Equities Fixedaincome Other 70% 30% emphasis on growth of capital through investment 70% 30% into a combination of passive index funds, Equities Equities Fixed Fixed income income exchange-traded funds (ETFs) and rules-based 51% 19% 30% investment strategies. Equities 50% 60% Fixed income 38% Fixed income Fixed income 60% Seeks to provide equity-like returns with less risk over a full market cycle by54% diversifying broadly 23% across the world. 40% 40% Fixed Fixed income income 60% Equities Fixed income Alternatives 40% 23% 23% Seeks a balance a high level of current 23%between54% 54% 23% Equitiesof capital with Fixed income income and growth aincome greater Equities Equities Fixed Fixed income Alternatives Alternatives emphasis on growth of capital. Seeks a balance between a high level of current 80%-90% income and growth of capital. 30% Equities 70% Equities Description 60% 30% 40% 25% Fixed income 40% Fixed income 15% Fixed income Alternatives

IP American Growth Allocation Fund ggressive Structured Allocation Fund Name American Balanced Allocation Fund Goldman BlackRock Global LVIP Allocation V.I. FundSachs Goldman Sachs Income Builder Fund Income Builder Fund merican Funds Asset Allocation Fund First Trust/Dow P American Growth Allocation Fund Jones Dividend vidend & Income Allocation Portfolio & Income Allocation Portfolio servative Structured Allocation Fund Franklin Income VIP Fund merican Funds AssetIncome Allocation Fund Franklin VIP Fund Goldman Income Builder Fund ModerateSachs Structured Allocation Fund LVIP SSGA Conservative Franklin Income VIP Fund VIP Founding Funds Allocation ggressive Structured Allocation Allocation Fund Fund servative Structured Structured Allocation Fund BlackRock Global Allocation Fund Funds Franklin V.I. Founding Moderate Structured Allocation Fund VIP Founding Funds Allocation Fund Allocation VIP Fund Invesco V.I. Equity and Income Fund vidend & Income Allocation Portfolio ggressive Structured Allocation Fund Invesco V.I. EquityAmerican and Income Funds Fund Capital American Balanced Allocation Fund Income Builder Fund lackRock Global Allocation V.I. Fund 70% 70% Equities Equities Asset 60% JPMorgan Insurance Trust Portfolio vidend & Income Allocation Income Portfolio Builder P American Growth Allocation Fund Goldman Sachs Income Builder Fund servative Structured Allocation Fund Goldman Sachs Income Builder Fund Equities Description 40% 60% Equities 50% Equities Equities Fixed income 40% 50% Fixed income Fixed income 40-80% 70% 40%–60% Equities 40% Equities Equities Equities 20%-50% 30% 40%–60% Fixed income 60% Fixed income Fixed income Fixed income 7% Cash 38% 13% 20%-50% 7% 50% 40% Convertibles Fixed income Fixed income Cash Fixed income 49% 33% 70% 40% Franklin Equities Equities Income VIP Fund 38% 13% 33% 30% 60% Fixed income Templeton Convertibles FranklinMutual Fixed income Shares VIP Fund Growth Fund 60% 60% 33% Equities 60%-65% Equities Franklin Income VIP Fund Equities 40% 40% 33% 33% Fixed income Fixed income15%–20% 10%–20% FranklinMutual Templeton Fund VIP Fund Growth Shares Fixed income Convertibles 33% 40%–60% 70% Equities Equities 60%-65% Allocation 60% Equities Equities 40%–60% 30% Fixed Fixed income income 15%–20% will vary—minimum 50% 10%–20% equities. Fixed income Fixed income 60% Equities 70% 50% Convertibles 40% Fixed income 70% 60% Allocation 40%–60% Equities 40% 40% 30% will vary. Fixed income 40%–60% Fixed income 50% Equities Equities Fixed income Fixed income 40% 50% Equities Equities 60% 50% Fixed income Fixed income 54% 23% Fixed income Alternatives 80%-90% 0 –10%0 –10% Equities appreciation Fixedand income Seeks income, capital lower 70% volatility by accessing opportunities across Equities both stocks and bonds in traditional and nontraditional segments of the market. 49% 40-80% 50% Equities 60% Equities Equities Equities PAmerican AmericanBalanced Growth Allocation Fund Fixed income Fixed income breakdown 23% 30% 30% 30% 20%–40% 23% 54%40%–60% Alternatives 30% Fixed income 10%–40% 23% The Portfolio is constructed from a quantitative Equities income 60% Equities Fixed Fixed income Alternatives Alternatives 40% process that seeks to provide total return through investing generally in dividend paying stocks Equities Fixed income and a diversified investment grade bond portfolio. The Fund seeks capital appreciation through a 60% 25% 15% 20%–40% approach 40%–60% diversified, value-oriented — investing in 10%–40% 70% Equities Fixed income 40% 30% Alternatives 60% a fixed allocation of three Franklin Templeton Equities Fixed income mutual Alternatives Equitiestarget stocks and bonds trading Fixed income funds that specifically at a discount to their true worth. The Fund seeks income as a secondary goal. 51% 19% 25% 30% 15% 60% Seeks a high level 60% of current income with some 40% consideration given capital Equitiesto growth of Fixed incomethrough Alternatives Other Equities Fixed income investment into a combination of passive index funds, exchange-traded funds (ETFs) and rulesbased investment strategies. 40% 60% The Fund invests three Franklin 51%in equal allocations to19% 30% Templeton VIP 73% funds that invest in stocks and bonds 7%Fixed 20% Equities Equities Fixed income income Other in the U.S. and abroad. The allocation is monitored Equities Fixed income Other 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. 73% 7% 20% The Fund has two primary investment objectives. 0 –10%0 –10% 80%-90% Equities you with Fixed income Other It seeks (1) to provide a level of current Equities Fixed income Alternatives 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. 23% 54% 23% 0 –10%0 –10% 80%-90% Equities Fixed income Alternatives Portfolio has significant flexibility to invest in Equities Fixed income Alternatives The 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 23% and asset 54%classes. 23% among strategies 70% Equities Equities 60% 70% Equities Equities 30% Alternatives Fixed income Fixed income 40% 30% Fixed income Fixed income 5

73% 15%–20% 10%–20% Fixed income Convertibles Multiasset SEI VP Market Plus Strategy Fund 7% 20% Equities Fixed income Other These 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. Name Asset breakdown LVIP AQR Enhanced 40% Global Strategies Fund Fixed income Description 80%-90% 0 –10%0 –10% Equities Fixed income Alternatives SEI VP Market Plus Strategy Fund 0 SEI VP Market Plus 30% Strategy Fund7% 20%-50% Fixed income Fixed income 38% 50% Fixed income Cash LVIP Franklin 13%Templeton MultiAsset Opportunities Fund Convertibles 60% 33% 33% Fixed income Templeton VP Market FranklinMutual SEI Shares VIP Fund Growth Fund Growth 60 Fixed income LVIP BlackRock Multi-Asset 20%-50% 7% Income10%–20% Fund 15%–20% Fixed income Cash Fixed income Convertibles First30% Trust Multi-Income Allocation Portfolio 13% Convertibles 40% Fixed income 40% 80 100 23% 16% 20% 40%–60% 10%–40% Fixed income Alternatives Fixed Income Multiasset Fixed income Alternatives 25% 30% Equities Equities Fixed income 15% Alternatives Fixed income 40% SEI60% VP Market Plus Strategy Fund 51% 19% 30% Equities Fixed income Equities Fixed income Other 44% 24% 32% 20 40 Equities 60 80 Fixed income Multiasset Equities Fixed income 20%–40% 40%–60% 10%–40% 73% 7% 20% Equities Fixed income Alternatives Trust Equities Fixed income Other First Multi-Income Allocation Portfolio 10%–20% 60%–80% 20%–40% Equities 60% Fixed income Equities 80%-90% Fixed income Equities Fixed income 25% Alternatives 15% Alternatives 0 –10%0 –10% Alternatives Fixed income 33% 33% FranklinMutual Templeton 30% Fund Shares VIP Fund Growth 40%–60% ALPS/Stadion Tactical Fixed income Defensive Portfolio Fixed income JPMorgan Insurance Trust 15%–20% Global 10%–20% Allocation Portfolio Fixed income 50% Fixed income 6 Convertibles 51% Equities 23% 19% 54% Fixed income Tactical allocation will vary. Equities Fixed income 30% Other 23% Alternatives Tactical allocation will vary. 73% 70% Equities Equities 7% 20% Fixed income 30% Invescomanaged V.I. Balanced-Risk Allocation An actively portfolio of SEIFund portfolios LVIP BlackRock Multi-Asset that seeks maximum growth Income over aFund 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 Multi-Asset Opportunities Fund The Portfolio is anTempleton equity-focused, LVIP Franklin Managed Risk Profile Growth opportunistic Fund 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 LVIP Managed Risk Profile Moderate Fund significantly less than theStrategy equityFund market. SEI VP Market Growth 100 40% 60% 40% Fixed income 40 54% 60% 70% 0 Strategy Fund Fixed income 38% 20 23% 64% 20%–40% Equities Equities Equities LVIPseeks AQR Enhanced Strategies Fundtotal return This fund to offerGlobal an opportunistic 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. Other Fixed income An actively managed portfolio of SEI portfolios that seeks growth while maintaining broad equity and fixed income participation with a tilt toward growthLVIP assets. SSgA Global Tactical Allocation RPM Fund LVIP BlackRock Multi-Asset Income Fund A go-anywhere, flexible solution that seeks SEI VP Market Plus Strategy Fund to deliver competitive income with a focus on risk management. This portfolio will follow both a strategic and tactical asset allocation process by being fully LVIP Franklin Multi-Asset Opportunities Fund diversified in bothTempleton traditional and nontraditional income producing investments. A portfolio designed LVIPduration AQR Enhanced Global generating Strategies Fund to lower risk while an attractive yield and protecting principal. It contains nine income generating asset classes including dividend paying equities, preferred securities, MLPs, REITs, high yield bonds, SEI VPbonds, Marketsenior Growth loans, Strategycorporate Fund MBS and TIPS. Invesco V.I. Balanced-Risk Allocation Fund The Fund seeks to participate in expanding cyclical markets while becoming defensive as conditions deteriorate. The Portfolio seeks to maximize long-term total SEI VP Market Plus Strategy Fund return. The adviser uses a flexible asset allocation approach constructing the Growth Portfolio, LVIPinManaged Risk Profile Fundinvesting in a broad range of equity, fixed income and alternative asset classes in markets throughout the world.

15%–20% 10%–20% Name 10%–20% 15%–20% 15%–20% 10%–20% Fixed income Convertibles Fixed income Convertibles Fixed income Ivy Funds Convertibles VIP Asset Fixed income Fixed income Fixed income 73% 7% 20% 7% 20% 7% 20% Other Other Other 73% breakdown Asset 73% Equities Fixed income Equities Fixed income Equitiesallocation Fixed income Tactical will vary. Strategy Portfolio Putnam VT Absolute 40% 40% 40% Return 500 Fund Tactical 80%-90%allocation will vary. 80%-90% 80%-90% Equities Equities Equities 0 –10%0 –10% 0 –10%0 –10% 0 –10%0 –10% Fixed income Fixed income Fixed income Alternatives Alternatives Alternatives SEI VP Market Plus Strategy Fund SEI VP Market Plus Strategy Fund Description SEI VP Market Plus Strategy Fund 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. LVIPseeks AQR Enhanced Strategies The Fund positiveGlobal returns aboveFund inflation LVIP AQR Enhanced Global Strategies Fund LVIP AQR Enhanced Global Strategies Fund 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. Invesco V.I. Balanced-Risk Allocation Fund 23% Invesco V.I. Balanced-Risk Allocation Fund 23% Invesco V.I. Balanced-Risk Allocation Fund 23% 54% 23% 30% Equities Fixedclasses, income Alternatives range of asset utilize risk management strategies designed to Fixed income In addition to diversifying among a wide Equities Fixed income these funds Alternatives Fixed income reduce market risk and volatility. The Equities Fixed income Alternatives risk management strategies are not guaranteed, may not perform as expected and shareholders Fixed income 23% 54% Asset Management 30% Allocation — Volatility/Risk 23% 54% 30% may experience loss. Name Asset breakdown 50% 50% 50% Fixed income Fixed income Fixed income LVIP Global Growth Allocation Managed Risk Fund 70% 70% 70% Equities Equities Equities 60% 60% 60% Fixed income Fixed income Fixed income LVIP Global Moderate Allocation Managed Risk Fund 60% 60% 60% Equities Equities Equities 40% 40% 40% 60% 60% 60% Equities Equities Equities 40% 40% 40% Fixed income Fixed income Fixed income Fixed income Fixed income Fixed income Fixed income Fixed income Fixed income 40% LVIP 40% 40% SSGA Global Tactical Allocation Managed Volatility Fund 30% 30% 30% Invesco V.I. Balanced-Risk Allocation Fund 40% 40% 40% Allocation will vary. Description 30% 30% 30% Fixed income Fixed income Fixed income Fixed income Fixed income Fixed income Seeks aLVIP balance between a Growth high level Managed Risk Profile Fundof current LVIP Managed Risk Profile Growth Fund Growth incomeLVIP andManaged growthRisk of Profile capital withFund a greater emphasis on growth of capital. This fund also employs an actively managed risk-management overlay (“protection substrategy”). Managed Risk Profile Moderate Fund LVIP Managed Risk Profile Seeks aLVIP balance between a Moderate high levelFund of current LVIP Managed Risk Profile Moderate Fund 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 RPM Fund Fixed income Fixed income Fixed income LVIP SSgA Global Tactical RPM Fundbroad Seeks long-term growth of Allocation capital through LVIP SSgA Global Tactical Allocation RPM Fund 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. Seeks attractive returns in a variety of economi

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 .