Multi-Fund variable annuity

(1)

Multi-Fund

®

variable annuity

Investment Option Overview

2013 – 2014

The Lincoln National Life Insurance Company

FOR RETIREMENT

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Make smart choices

1 Surround yourself

2 with a strong team

Take a disciplined approach

3 Consider all the options

4 Investment options

6 Investment management

12 team profiles

(3)

A world of choices

In addition to these features and benefits, Multi-Fund also offers a

comprehensive lineup of investment options. This means you have the

flexibility you need to build a diversified portfolio. Research indicates that

diversification means more to investment returns over time than any other

factor.

1

_{With Multi-Fund variable annuity, you may choose from an array}

of investment options across the major asset classes — stock-based funds,

bond-based funds, fixed/guaranteed, money market options — brought to

you from a number of leading money managers. This booklet is a convenient

guide to the wide range of investment options available to you.

Make smart choices

Over the years, Multi-Fund

®

_{variable annuity has earned its reputation as a}

leading retirement planning solution, offering strength, experience, education

and confidence to you for years to come.

A variable annuity is a long-term investment product designed particularly

for retirement purposes. Variable annuities contain both investment and

insurance components, and have fees and charges, including mortality and

expense, administrative and advisory fees. Optional guarantee features are

available for an additional charge and are backed by the financial strength

of the insurer. The annuity’s value fluctuates with the market value of the

underlying investment options, and all assets accumulate tax-deferred.

One of the most valuable features of an annuity is the opportunity to turn

it into a guaranteed income stream for the rest of your life — annuities are

among the few investment products to offer this. Several lifetime income

options are available with Multi-Fund , some of which are so unique Lincoln

has patented them.

Annuities can also offer many other benefits, some of which cannot

be found in other types of investment products. They include:

1_{Ibbotson Associates.}

Tax-deferral on

your contributions

until they are

withdrawn

Valuable death

benefit protection

options for your

loved ones

Access to a variety

of investment

share classes

Tax-free transfers

between investment

options

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Surround yourself with a

strong team

Multi-Fund

®

_{variable annuity offers you the diversity and flexibility to}

help meet your specific retirement planning strategy. You can choose

from a variety of investment styles that best suit your goals and objectives.

Multi-Fund draws upon the expertise of numerous leading investment

firms. Each manager has a distinctive approach and the experience of

having weathered financial markets of every type. This multimanager

approach provides a single communications channel with consistent

monitoring and reporting across all accounts. As a result, you receive

more timely and consistent information about all your investment

accounts from a single source.

The Multi-Fund investment team

These companies were selected for inclusion in the Multi-Fund variable

annuity because they are respected and experienced investment managers

whose track records and reputations are among the best in the financial

services industry. They don’t rest on their success. Rather, they build upon it.

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Take a disciplined approach

The Lincoln Investment Advisors team is responsible for reviewing, analyzing, and

overseeing the investment options offered within Multi-Fund

®

_{. Lincoln strives to}

provide plan sponsors and participants with access to quality investment options

that help them achieve retirement goals.

Lincoln Investment Advisors applies a well-defined due diligence process to all funds

before recommending them for inclusion as investment options in Lincoln variable

products. This ongoing effort supports our multimanager approach, which expands

the investment choices available through Multi-Fund

®

_{. Each potential investment}

undergoes a rigorous review as the team:

• Conducts proprietary quantitative and qualitative research

• Compares an investment option with its peers and benchmark, and

risk-adjusted returns

• Reviews portfolio characteristics and style drift

• Makes on-site visits with fund companies

These activities contribute to a thorough understanding of the portfolio manager’s

qualifications, investment processes and research capabilities.

Asset allocation models — fund of funds approach

We offer a dynamic fund of funds allocation approach, which diversifies among

various asset classes within a product. These asset allocation models provide you

with diversification and the insight and experience of well-recognized investment

industry leaders by:

• Creating one portfolio with a combination of portfolio managers, each an expert

with a specific style and approach.

• Constructing each model from a wide assortment of asset classes to suit

specific risk-reward objectives or target maturity date.

• Dynamically adjusting and rebalancing the overall portfolio for a more

consistent approach.

• Offering you the simplicity and convenience of one professionally designed portfolio

to meet your diversification and investment needs.

To be most effective, you should select an asset allocation model most closely

aligned with your particular risk-reward tolerance or target maturity date. Ultimately,

asset allocation helps reduce investment risk while seeking to enhance potential

returns through a disciplined, long-term strategy. However, it does not ensure a

profit or guarantee against a loss.

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Consider all the options

The risk pyramid and investment option categories are designed to help

you make the choices that fit your investment style. The investment pyramid

illustrates the risk and potential return of each objective. As you move upward

toward the highest level of the pyramid, the investment options within each

objective provide you an increasing opportunity for higher returns. However,

with greater return potential comes greater risk.

Maximum Capital Appreciation

AllianceBernstein VPS Global

Thematic Growth

3,5

Delaware VIP

®

_{Smid Cap Growth}

4,12

LVIP Baron Growth Opportunities

4

LVIP SSgA Emerging Markets 100

3,7,11

LVIP SSgA Small-Cap Index

4,7

LVIP T. Rowe Price Structured

Mid-Cap Growth

4

Long-term Growth

American Funds Global Growth

3

American Funds Growth

American Funds International

3

Delaware VIP

®

_{Small Cap Value}

4,12

Fidelity

®

_{VIP Contrafund}

®

Fidelity

®

_{VIP Growth}

LVIP Clarion Global Real Estate

3,5,6

LVIP Delaware Growth and Income

12

LVIP Delaware Social Awareness

12

LVIP Delaware Special Opportunities

4,12

LVIP Mondrian International Value

3

LVIP SSgA International Index

3,7

LVIP SSgA S&P 500 Index

7,10

LVIP UBS Large Cap Growth RPM

18

LVIP Vanguard Domestic Equity ETF

9,14

LVIP Vanguard International

Equity ETF

3,9,14

MFS

®

_{VIT Utilities}

5

Growth & Income

American Funds Growth-Income

Delaware VIP

®

_REIT

5,6,12

Delaware VIP

®

_Value

12

LVIP BlackRock Equity Dividend RPM

18

Income

Delaware VIP

®

_{Diversified Income}

12,16

Delaware VIP

®

_{High Yield}

8,12

LVIP BlackRock Inflation Protected Bond

16

LVIP Delaware Bond

12,16

LVIP Global Income

3,16

LVIP SSgA Bond Index

7,16

PIMCO VIT Total Return

16

Preservation of Capital

Fixed Account

1

LVIP Delaware Diversified

Floating Rate

12,15

LVIP Money Market

2

Asset Allocation*

BlackRock Global Allocation V.I.

3

DWS Alternative Asset Allocation VIP

3,5,9

LVIP Delaware Foundation

®

Aggressive Allocation

12

LVIP Delaware Foundation

®

Conservative Allocation

12

LVIP Delaware Foundation

®

Moderate Allocation

12

LVIP Managed Risk Profile 2010

9,13,17

LVIP Managed Risk Profile 2020

9,13,17

LVIP Managed Risk Profile 2030

9,13,17

LVIP Managed Risk Profile 2040

9,13,17

LVIP Managed Risk Profile 2050

9,13,17

LVIP Managed Risk Profile

Conservative

9,17

LVIP Managed Risk Profile Growth

9,17

LVIP Managed Risk Profile Moderate

9,17

LVIP SSgA Global Tactical

Allocation RPM

9,18

* Asset allocation does not ensure a profit nor protect against loss in a declining market.

Income Growth & Income Long-term Growth Maximum Capital Appreciation Preservation of Capital

More risk,

higher potential return

Less risk,

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U.S. Equity Options

Value Blend Growth

Large-cap Delaware VIP®_Value12

LVIP BlackRock Equity Dividend RPM18

American Funds Growth-Income Fidelity®_{VIP Contrafund}®

LVIP Delaware Growth and Income12

LVIP Delaware Social Awareness12

LVIP SSgA S&P 500 Index7,10

LVIP Vanguard Domestic Equity ETF9,14

American Funds Growth Fidelity®_{VIP Growth}

LVIP UBS Large Cap Growth RPM18

Mid-cap LVIP Delaware®_{Special Opportunities}4,12 _{Delaware VIP}®_{Smid Cap Growth}4,12

LVIP T. Rowe Price Structured Mid-Cap Growth4 Small-cap Delaware VIP®_{Small Cap Value}4,12 _{LVIP SSgA Small-Cap Index}4,7 _{LVIP Baron Growth Opportunities}4

International/Global Options

Value Blend Growth

Large-cap LVIP Mondrian International Value3 _{American Funds International}3

LVIP SSgA International Index3,7

LVIP Vanguard International Equity ETF3,9,14

American Funds Global Growth3

Small-Mid-cap LVIP SSgA Emerging Markets 1003,7,11

Fixed-Income Options

Limited Moderate Extensive

High Fixed Account1

LVIP Delaware Diversified Floating Rate12,15

LVIP Money Market2

LVIP Delaware Bond12,16

LVIP Global Income3,16

LVIP SSgA Bond Index7,16

PIMCO VIT Total Return16

LVIP BlackRock Inflation Protected Bond16

Medium Delaware VIP®_{Diversified Income}12,16 Low Delaware VIP®_{High Yield}8,12

Other Fund Options

Risk-based Target-Date Specialty/Sector

LVIP Delaware Foundation®_{Conservative Allocation}12

LVIP Delaware Foundation®_{Moderate Allocation}12

LVIP Delaware Foundation®_{Aggressive Allocation}12

LVIP Managed Risk Profile Conservative9,17

LVIP Managed Risk Profile Growth9,17

LVIP Managed Risk Profile Moderate9,17

LVIP SSgA Global Tactical Allocation RPM9,18

LVIP Managed Risk Profile 20109,13,17

AllianceBernstein VPS Global Thematic Growth3,5

Delaware VIP®_REIT5,6,12

LVIP Clarion Global Real Estate3,5,6

MFS®_{VIT Utilities}5

Balanced Alternative Asset

BlackRock Global Allocation V.I.3 DWS Alternative Asset Allocation VIP3,5,9

Investment option categories

The style box illustration is designed to help you plan and maintain a diversified portfolio. Each

investment option has been assigned to a specific style box on the basis of its current investment style.

Investment styles may change over time. Not all of the investment options within each category box

may have the same characteristics, but hopefully this illustration will help you to determine how one

investment option compares to the others available to you.

Value: A value orientation focuses on stocks that the manager thinks are currently undervalued in price and believes will eventually see their worth recognized by the market. These managers are often referred to as price-driven investors because they focus on stocks with low price/earnings ratios and/or above-average dividend yields as indicators of value.

Blend: A blend portfolio will mix the growth and value philosophies. This portfolio may contain growth stocks and value stocks, or it may contain stocks that exhibit both characteristics.

Growth: A growth-oriented portfolio will mostly contain companies that its portfolio manager believes have the potential to increase earnings faster than the rest of the market. These managers are generally willing to pay higher market multiples for the superior

growth rates and profitability they anticipate. As a result, stocks in growth portfolios will tend to have higher price/earnings ratios and will generally pay little or no dividends.

Fixed-income style: The vertical axis shows the credit quality of the long bonds owned; the horizontal axis shows interest rate sensitivity as measured by a bond’s effective duration.

Duration: Short-range maturity (S) is up to 3½ years. Intermediate-range maturity (I) is 3½ years to 6 years. Long-Intermediate-range maturity (L) is greater than 6 years.

Because Multi-Fund ®_{variable annuity has multiple investment}

options to choose from, you can customize your choices to fit your needs and change them easily when your needs change.

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Multi-Fund

®

variable annuity

investment options

Risk and style box

categories

Investment option

Investment objective

Fixed Account

1 _{The Fixed Account provides a competitive current interest rate that} translates into the highest possible return with the lowest level of risk while also offering the protection of principal.

LVIP Delaware

Diversified Floating

Rate Fund

12,15

Invests at least 80% of its net assets in floating rate securities and may include derivative instruments that attempt to achieve a floating rate of income for the Fund when they are combined with a group of fixed-rate securities.

LVIP Money

Market Fund

2

The Portfolio invests in high-grade money market instruments, such as Treasury bills, which mature in one year or less.

Delaware VIP

®

Diversified

Income Series

12,16

The Series invests in a multisector portfolio of bonds and other fixed-income securities, including U.S. investment-grade, U.S. high-yield, and international sectors including emerging markets.

Delaware VIP

®

_High

Yield Series

8,12

The Series invests primarily in high-yield corporate bonds (those rated BBB or lower, commonly known as junk bonds), foreign bonds, and U.S. government securities.

LVIP BlackRock

Inflation Protected

Bond Fund

16

The Funds seeks to maximize real return, consistent with preservation of real capital.

LVIP Delaware

Bond Fund

12,16

This investment option primarily includes U.S. government guaranteed securities and top-quality, corporate-issued bonds.

LVIP Global Income

Fund

3,16

The Fund invests mainly in debt securities of governments and their political subdivisions and agencies, supranational organizations, and companies located anywhere in the world, including emerging markets.

LVIP SSgA Bond

Index Fund

7,16

The Fund’s objective is to match, as closely as practicable, the performance of the Barclays Capital Aggregate Bond Index, including securities that are of investment-grade quality or better and have at least one year to maturity.

PIMCO VIT Total

Return Portfolio

7,16

The Portfolio seeks maximum total return, consistent with preservation of capital and prudent investment management.

American Funds

Growth-Income

Fund

The Fund invests primarily in common stocks or other securities that demonstrate the potential for appreciation and/or dividends. The Fund may invest a portion (15%) of its assets in securities of issuers domiciled outside the U.S.

Delaware VIP

®

Value Series

12

This Series invests primarily in common stocks of established companies that have long-term capital appreciation potential. Under normal circumstances, the Series will invest at least 80% of its net assets in large-capitalization companies.

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Risk and style box

categories

Investment option

Investment objective

LVIP BlackRock

Equity Dividend

RPM Fund

18

The Fund seeks reasonable income by investing primarily in income-producing equity securities. The Fund normally invests at least 80% of its assets in equity securities and invests primarily in high-quality companies that appear to trade at discounts to their true, or intrinsic, values. The Fund may invest in securities of domestic and foreign issuers.

American Funds

Global Growth

Fund

3

This Fund invests primarily in common stocks of companies around the world. The Fund is designed for investors seeking capital appreciation through stocks.

American Funds

Growth Fund

This Fund invests primarily in common stocks of companies that appear to offer superior opportunities for growth of capital. The Fund may also invest a portion of its assets in equity securities of issuers domiciled outside the U.S. and not included in the Standard & Poor’s 500 Composite Index.

American Funds

International Fund

3

This Fund invests primarily in common stocks of companies located outside the United States.

Delaware VIP

®

Small Cap Value

Series

4,12

The Series invests primarily in stocks of small companies whose price appears low relative to the underlying value or future potential. Under normal circumstances, the Series will invest at least 80% of its net assets in small-capitalization companies.

Fidelity

®

VIP

Contrafund

®

Portfolio

The Portfolio seeks long-term capital appreciation.

Fidelity

®

VIP

Growth Portfolio

The Portfolio seeks to achieve capital appreciation.

LVIP Delaware

Growth and

Income Fund

12

The Fund invests in a diversified portfolio of stocks primarily of large U.S. companies with market capitalizations, at time of purchase, similar to the market capitalizations of the companies in the Russell 1000®_Index.

LVIP Delaware

Social Awareness

Fund

12

The Fund invests in companies that demonstrate positive, environmental, social and governance standards. The Fund pursues its objective by investing in a diversified portfolio of stocks of U.S. companies with market capitalizations at the time of purchase similar to the market capitalization of companies in the Russell 1000®_Index.

LVIP Delaware

Special

Opportunities

Fund

4,12

This Fund purchases stocks of attractively priced mid-size companies with potentially strong future growth rates.

LVIP Mondrian

International

Value Fund

3

The Fund invests in the stock of companies outside the United States. Focusing mainly on developed world companies, Mondrian searches for value using dividend discount methodology.

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Risk and style box

categories

Investment option

Investment objective

LVIP SSgA

International

Index Fund

3,7

The Fund’s objective is to approximate, as closely as practicable, the performance of a broad market index of non-U.S. foreign securities.

LVIP SSgA S&P 500

Index Fund

7,10

This Fund pursues its objective by investing in all the securities that make up the S&P 500 Index.

LVIP UBS Large Cap

Growth RPM Fund

18

The Portfolio manager selects common stocks of large U.S. companies with market capitalizations, at time of purchase, equivalent to those companies included in the Russell 1000®

Growth Index.

LVIP Vanguard

Domestic Equity

ETF Fund

9,14

Invests substantially all of its assets in exchange-traded funds (ETFs) which, in turn, invest in equity securities (stocks). The ETFs attempt to track the investment performance of certain benchmark indices consisting of common stock of companies located in the United States.

LVIP Vanguard

International

Equity ETF Fund

3,9,14

Invests substantially all of its assets in ETFs which, in turn, invest in equity securities (stocks). The ETFs attempt to track the investment performance of certain benchmark indices consisting of common stocks of companies located in developed and emerging countries around the world.

Delaware VIP

®

Smid Cap

Growth Series

4,12

The Series invests primarily in common stocks of growth-oriented companies that the team believes have long-term capital appreciation potential and expect to grow faster than the U.S. economy. The team particularly seeks small to mid-size companies.

LVIP Baron Growth

Opportunities

Fund

4

The Fund seeks capital appreciation through long-term investments in securities of small and mid-size companies with undervalued assets and favorable growth prospects.

LVIP SSgA

Emerging Markets

100 Fund

3,7,11

The Fund’s objective is to maximize long-term capital appreciation.

LVIP SSgA

Small-Cap Index Fund

4,7

This Fund pursues its objective by investing primarily in the securities that make up the Russell 2000®_Index.

LVIP T. Rowe Price

Structured Mid-Cap

Growth Fund

The Fund’s objective is capital appreciation. The Fund invests in a diversified group of domestic stocks primarily of mid-size companies.

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Risk and style box

categories

Investment option

Investment objective

AllianceBernstein

VPS Global

Thematic Growth

Portfolio

3,5

The Fund pursues opportunistic growth by investing in a global universe of companies in multiple industries that may benefit from innovation.

Delaware VIP

®

REIT Series

5,6,12

The Series invests primarily in investments of real estate investment trusts (REITs). The Fund seeks maximum long-term total return with capital appreciation as a secondary objective.

LVIP Clarion Global

Real Estate Fund

3,5,6

This Fund pursues its objective by investing primarily in equity securities of companies in the real estate industry located throughout the world, including REITs and other publicly traded real estate companies.

MFS

®

VIT Utilities

Series

5

The Series invests primarily in equity and debt securities of both domestic and foreign companies, primarily in the utilities industry.

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Asset allocation options*

Target allocation

†

_{Investment options Investment objective}

Fixed income

securities 40% Equity securities 60%

BlackRock Global

Allocation V.I. Fund3 The Fund seeks high total investment return by investing in a portfolio of equity, debt and _{money market securities.}

Fixed income securities 32% Equity securities 68%

DWS Alternative Asset Allocation VIP Fund3,5,9

The Fund seeks capital appreciation. The Fund seeks to achieve its objective by investing in alternative (or nontraditional) asset categories and investment strategies. Investments may be made in other DWS funds or directly in the securities and derivative instruments in which such DWS funds could invest. The Fund may also invest in exchange-traded funds (ETFs) to gain a desired economic exposure to a particular asset category that is not available through a DWS fund. The Fund’s allocations among direct investments and other DWS funds may vary over time.

Fixed income securities 20% Equity securities 80% LVIP Delaware Foundation® Aggressive Allocation Fund12

The Fund seeks to attain its objective of long-term capital growth by investing in a diversified portfolio of securities of different asset classes and investment styles. The Fund invests in a combination of underlying securities, using an active allocation approach and representing a variety of asset classes and investment styles.

Fixed income securities 60% Equity securities 40% LVIP Delaware Foundation® Conservative Allocation Fund12

The Fund seeks to attain its objective of current income and preservation of capital, with capital appreciation as a secondary objective, by investing in a diversified portfolio of securities of different asset classes and investment styles. The Fund invests in a combination of underlying securities, using an active allocation approach and representing a variety of asset classes and investment styles.

Fixed income securities 40% Equity securities 60% LVIP Delaware Foundation® Moderate Allocation Fund12

The Fund seeks to attain its objective of capital appreciation, with current income as a secondary objective, by investing in a diversified portfolio of securities of different asset classes and investment styles. The Fund invests in a combination of underlying securities, using an active allocation approach and representing a variety of asset classes and investment styles.

LVIP Managed Risk

Profile 2010 Fund9,13,17 This Managed Risk Profile Fund seeks the highest total return over time with an increased _{emphasis on capital preservation as the target date approaches. Thereafter, an emphasis}

will be placed on high current income with a secondary focus on capital appreciation. Invests in an asset allocation between stocks and bonds, and employs an actively managed risk-management overlay (protection substrategy) that will invest in ETFs to seek to control overall fund volatility and hedge downside equity market risk.

Profile 2030 Fund9,13,17 This Managed Risk Profile Fund seeks the highest total return over time with an increase _{demphasis on capital preservation as the target date approaches. Thereafter, an emphasis}

Profile 2050 Fund9,13,17 This Managed Risk Profile Fund seeks the highest total return over time with an increased _{emphasis on capital preservation as the target date approaches. Thereafter, an emphasis will}

be placed on high current income with a secondary focus on capital appreciation. Invests in an asset allocation primarily between domestic and foreign stocks, and employs an actively managed risk-management overlay (protection substrategy) that will invest in ETFs to seek to control overall fund volatility and hedge downside equity market risk.

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Target allocation

†

_{Investment options Investment objective}

Fixed income

securities 60% Equity securities 40%

LVIP Managed Risk Profile Conservative Fund9,17

This Profile Fund seeks a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital. Invests in an asset allocation primarily between domestic and foreign stocks, and employs an actively managed risk-management overlay (protection substrategy) that will invest in exchange-traded futures (ETFs) to seek to control overall fund volatility and hedge downside equity market risk.

LVIP Managed Risk Profile Growth Fund9,17

This Profile Fund seeks a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital. Invests in an asset allocation primarily between domestic and foreign stocks, and employs an actively managed risk-management overlay (protection substrategy) that will invest in ETFs to seek to control overall fund volatility and hedge downside equity market risk.

LVIP Managed Risk Profile Moderate Fund9,17

This Profile Fund seeks a balance between a high level of current income and growth of capital, with an emphasis on growth of capital. Invests in an asset allocation primarily between domestic and foreign stocks, and employs an actively managed risk-management overlay (protection substrategy) that will invest in ETFs futures to seek to control overall fund volatility and hedge downside equity market risk.

Fixed income securities 40% Equity securities 60% LVIP SSgA Global Tactical Allocation RPM Fund9,18

This Fund seeks long-term growth of capital.

* Asset allocation does not ensure a profit nor protect against loss in a declining market.

†_{The target allocation to underlying funds is 80% or}

more of the Protected Profile Fund’s assets under normal market conditions.

The Morningstar Style Box reveals a fund’s investment strategy as of the date noted on this report. For equity funds the vertical axis shows the market capitalization of the long stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the long bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond’s effective duration. For corporate and municipal bonds, Morningstar surveys credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by a Nationally Recognized Statistical Rating Organization (NRSRO). If two NRSROs have rated a security, fund companies are to report the lowest rating to Morningstar. If a rating is unavailable or unpublished, then the security or issuer is categorized as Not Rated/Not Available. U.S. Government Securities issued by the U.S. Treasury or U.S. Government Agencies are included in the U.S. Government category. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the Fund. An NRSRO rating on a fixed-income security can change from time to time.

1 _{The Fixed Account is part of the general assets of}

The Lincoln National Life Insurance Company.

2

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, it is

possible to lose money by investing in

the Fund.

3 _{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.

4 _{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.

5 _{Funds that concentrate investments in one region}

or industry may carry greater risk than more broadly diversified funds.

6 _{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.

7 _{An index is unmanaged, and one cannot invest directly}

in an index.

8 _{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 non-payment or default.

9 _{Each Fund is operated as a fund of funds which invests}

primarily in other funds rather than in individual securities. Funds of this nature may be more expensive than other investment options.

10 _{“Standard & Poor’s}®_{”, “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. (Please see the Statement of Additional Information, which sets forth additional disclaimers and limitations of liability on behalf of S&P.)

11 _{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.

12_{Investments in Delaware Investments VIP}®_{Series ,}

Delaware Funds, LVIP Delaware Funds or Lincoln Life accounts managed by Delaware Investment Advisors, a series of Delaware Management Business Trust,

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, the repayment of capital from the Series or Funds or account, or any particular rate of return.

13_{The target date is the approximate date when}

investors plan to retire or start withdrawing their money. Some target-date funds make no changes in asset allocations after the target date is reached; other target-date funds continue to make asset allocation changes following the target date (see prospectus for the Fund’s allocation strategy). The principal value is not guaranteed at any time, including at the target date.

14_{Exchange-traded funds (ETFs) in the lineup are}

available through collective trusts or mutual funds. Investors cannot invest directly in an ETF.

15_{Floating rate funds should not be considered alternatives}

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

16_{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).

17_{The Fund’s protection substrategy is not a guarantee,}

and the Fund’s shareholders may experience losses. The Fund employs hedging strategies designed to provide for downside protection during sharp downward movements in equity markets. The cost of these hedging strategies could limit the upside participation of the Fund in rising equity markets relative to other unhedged funds.

18_{The Fund’s RPM strategy is not a guarantee, and the}

Fund’s shareholders may experience losses. The Fund employs hedging strategies designed to manage overall portfolio volatility. The cost of these hedging strategies could limit the upside participation of the Fund in rising equity markets relative to unhedged funds.

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Multi-Fund

®

variable annuity investment

management team profiles

AllianceBernstein

AllianceBernstein is the advisor for:

• AllianceBernstein VPS Global Thematic Growth Portfolio

AllianceBernstein is a research-driven investment firm that is global in scope and

client-focused in its mission. We trace our origins back more than 40 years. We

provide diversified investment management services worldwide to institutional,

high-net-worth and retail investors. Investment services encompass equities, fixed

income, multi-asset and alternatives. AllianceBernstein also provides independent

investment research, trading and brokerage-related services to institutional clients

through Sanford C. Bernstein.

American Funds

Capital Research and Management Company is the advisor for these

American Funds Insurance Series

®

_subaccounts:

• American Funds Global Growth Fund

• American Funds Growth Fund

• American Funds Growth-Income Fund

• American Funds International Fund

Since 1931, American Funds has helped investors pursue long-term

investment success.

American Funds investment professionals use a consistent approach — in

combination with a proven system — and base decisions on a long-term

perspective, which they believe is the best way to achieve superior long-term

investment results.

Each fund is divided into portions that are managed by investment professionals

with varied backgrounds, ages and investment styles. An extensive global research

effort is the backbone of the system.

(15)

Baron

BAMCO, Inc. is the subadvisor for:

• LVIP Baron Growth Opportunities Fund

BAMCO, Inc. is a registered investment advisor. It is a wholly owned subsidiary

of Baron Capital Group, Inc. The advisor focuses on the long-term fundamental

prospects of the businesses in which it invests. This contrasts with other investors’

focus on historical operating results or current earnings expectations. Baron believes

that historical results and the outlook for near-term earnings are often not indicative

of superior longer-term prospects that can be identified through research efforts. The

advisor believes it can gain an investment advantage through its independent and

exhaustive research of businesses. The Fund attempts to purchase what it believes

are great small and mid-size companies with exciting prospects at attractive prices

when prospects are misunderstood, when markets react to short-term events, and/or

when experts are wrong.

BlackRock

BlackRock is the advisor for:

• BlackRock Global Allocation V.I. Fund

• LVIP BlackRock Equity Dividend RPM Fund

• LVIP BlackRock Inflation Protected Bond Fund

BlackRock is one of the world’s preeminent asset management firms and a

premier provider of global investment management, risk management, and

advisory services to institutional, intermediary, and individual investors around

the world. BlackRock offers a range of solutions — from rigorous fundamental

and quantitative active management approaches aimed at maximizing

outperformance to highly efficient indexing strategies designed to gain broad

exposure to the world’s capital markets. Our clients can access our investment

solutions through a variety of product structures, including individual and

institutional separate accounts, mutual funds, and other pooled investment

vehicles, and the industry-leading iShares

®

_{exchange-traded funds (ETFs).}

The foundation of BlackRock’s business is our belief that our clients’ needs are of

paramount importance. Our commitment to investment excellence is anchored in a

shared culture that always places a client’s interests first, from individual investors

to the world’s largest institutions. We always act as a fiduciary for our clients,

never trading as a principal on our own behalf.

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CBRE Clarion Securities

CBRE Clarion Securities is the subadvisor for:

• LVIP Clarion Global Real Estate Fund

CBRE Clarion Securities is a registered investment advisory firm specializing in

the management of global listed real estate securities for both institutional and

individual investors.

Headquartered near Philadelphia, Pennsylvania, the firm manages over $20 billion

in assets and has over 80 employees located in offices in the United States, United

Kingdom, Hong Kong, Japan and Australia.

Delaware Investments

Delaware Management Company is the advisor for:

• Delaware VIP

®

_{Diversified Income Series}

• Delaware VIP

®

_{High Yield Series}

• Delaware VIP

®

_{REIT Series}

• Delaware VIP

®

_{Small Cap Value Series}

• Delaware VIP

®

_{Smid Cap Growth Series}

• Delaware VIP

®

_{Value Series}

Delaware Management Company is the subadvisor for:

• Fixed Account

• LVIP Delaware Bond Fund

• LVIP Delaware Diversified Floating Rate Fund

• LVIP Delaware Growth and Income Fund

• LVIP Delaware Foundation

®

_{Aggressive Allocation Fund}

• LVIP Delaware Foundation

®

_{Conservative Allocation Fund}

• LVIP Delaware Foundation

®

_{Moderate Allocation Fund}

• LVIP Delaware Social Awareness Fund

• LVIP Delaware Special Opportunities Fund

• LVIP Money Market Fund

Headquartered in Philadelphia, Delaware Investments

®

_{provides asset management}

services across all major asset classes to a wide array of investors. Delaware

Investments consists of multiple equity teams with numerous capabilities, including

support from quantitative research and analytics and structured solutions. Delaware

Investments expansive fixed-income team also includes dedicated research analysts,

traders, and quantitative analysts. Delaware Investments launched its first mutual fund

in 1938. Delaware Investments and Macquarie Group are not affiliated with Lincoln

Financial Distributors

®

_{, L.P.}

(17)

Deutsche Asset & Wealth Management

Deutsche Investment Management Americas, Inc. is the advisor for:

• DWS Alternative Asset Allocation VIP Fund

Deutsche Asset & Wealth Management is one of the world’s largest investment

managers, providing investment options to individual investors, corporations, pension

funds, charitable organizations, government, and other institutions.

Deutsche Investment Management Americas, Inc. is the investment advisor for the Fund. RREEF America L.L.C. and QS Investors, LLC are subadvisors for the Fund.

Fidelity Investments

Fidelity Management & Research Co. is the advisor for:

• Fidelity

®

_{VIP Contrafund}

®

_Portfolio

• Fidelity

®

_{VIP Growth Portfolio}

Fidelity follows a bottom-up, company-by-company approach to investing. Each

portfolio is built one investment at a time based on extensive fundamental

analysis, a rigorous process of security selection and disciplined, active portfolio

management. The firm’s analysts and managers pursue only what they believe to

be the most solid securities for a Fidelity portfolio.

Franklin Templeton Investments

Franklin Templeton is the subadvisor for:

• LVIP Global Income Fund (comanaged by Mondrian Investment Partners)

Franklin Resources, Inc., is the holding company for various subsidiaries that,

together with the company, are referred to as Franklin Templeton Investments

®

_{, a}

global investment management organization offering investment choices under the

Franklin

®

_{, Templeton}

®

_{, Mutual Series}

®

_{, Bissett}

®

_{, Fiduciary Trust}

TM

_{, and Darby}

®

_brand

names. Headquartered in San Mateo, California, we have offices in more than 30

countries and offer investment solutions and services in more than 150 countries.

We manage mutual funds and other investment alternatives for individuals,

institutions, pension plans, trusts, partnerships and others. Our common stock is

listed on the New York Stock Exchange under ticker symbol BEN and is included in

the S&P 500 Index.

(18)

Lincoln Investment Advisors Corporation

Lincoln Investment Advisors Corporation is the advisor for:

• LVIP Managed Risk Profile 2010 Fund

• LVIP Managed Risk Profile 2020 Fund

• LVIP Managed Risk Profile 2030 Fund

• LVIP Managed Risk Profile 2040 Fund

• LVIP Managed Risk Profile 2050 Fund

• LVIP Managed Risk Profile Conservative Fund

• LVIP Managed Risk Profile Growth Fund

• LVIP Managed Risk Profile Moderate Fund

• LVIP Vanguard Domestic Equity ETF Fund

• LVIP Vanguard International Equity ETF Fund

Lincoln Investment Advisors Corporation (LIAC) is a registered investment advisor

and wholly owned subsidiary of Lincoln National Corporation (Lincoln National).

Lincoln National is a publicly held insurance holding company organized under

Indiana law. Through its subsidiaries, Lincoln National provides, on a national

basis, insurance and financial services. LIAC (or its predecessors) is the investment

management business of Lincoln National and has served as an investment advisor

to mutual funds for over 20 years.

MFS Investment Management

MFS Investment Management is the advisor for:

• MFS

®

_{VIT Utilities Series}

MFS is an active, global asset manager with a uniquely collaborative approach to build

better insights for our clients. MFS’ investment staff works out of nine major financial

centers around the world – Boston, Hong Kong, London, Mexico City, Sao Paolo,

Singapore, Sydney, Tokyo, and Toronto.

We employ a consistent, disciplined investment process, guided by three core

principles

• Integrated research: We analyze opportunities across geographies, across

fundamental and quantitative disciplines, and across an organization’s entire capital

structure to develop a fuller perspective on securities we select for our clients.

• Global collaboration: Our people, teams and compensation structure ensure

collaboration so our clients benefit from a shared, worldwide view of

investing opportunities.

• Active risk management: Every member of our investment team is responsible for

managing risk and delivering to our clients the greatest possible return within each

portfolio’s risk guidelines.

MFS invented the mutual fund in the United States in 1924, and today the firm

offers a broad range of funds, separate accounts, and retirement planning products.

MFS portfolios are also available as investment options in defined contribution,

pension, and variable annuity platforms, and in 529 plans. All the firm’s products

are sold exclusively through financial intermediaries. Our diverse lineup of products,

services, and tools enable you to address clients’ financial needs while also building

your business and strengthening and deepening client relationships.

For more details on how MFS can support your business, call us at 800-343-2829

or visit mfs.com.

(19)

Mondrian Investment Partners Limited

Mondrian Investment Partners is the subadvisor for:

• LVIP Global Income Fund (comanaged by Franklin Templeton Investments)

• LVIP Mondrian International Value Fund

Mondrian Investment Partners was founded in 1990. The London-based firm is a

value-oriented, international equity and fixed-income manager serving primarily

institutional clients. Mondrian Investment Partners is among the largest active

managers of international and global assets for U.S. institutional investors. The

company uses a team-based approach to investment analysis and portfolio

construction, and focuses on a long-term value investment philosophy with

an emphasis on absolute returns with an attention to portfolio risk.

PIMCO

PIMCO is the advisor for:

• PIMCO VIT Total Return Portfolio

PIMCO is a leading global investment management firm, with offices in 12

countries throughout North America, Europe and Asia. Founded in 1971, PIMCO

offers a wide range of innovative solutions to help millions of investors worldwide

meet their needs. Our goal is to provide attractive returns while maintaining a

strong culture of risk management and long-term discipline.

State Street Global Advisors

SSgA Funds Management, Inc. is the subadvisor for:

• LVIP SSgA Bond Index Fund

• LVIP SSgA Emerging Markets 100 Fund

• LVIP SSgA Global Tactical Allocation RPM Fund

• LVIP SSgA International Index Fund

• LVIP SSgA S&P 500 Index Fund

• LVIP SSgA Small-Cap Index Fund

State Street Global Advisors (SSgA) is an acknowledged leader in institutional

investing. SSgA is also the investment management arm of State Street

Corporation, one of the world’s largest custodians. SSgA Funds Management,

Inc. is registered with the Securities and Exchange Commission as an investment

advisor under the Investment Advisers Act of 1940 and is a wholly owned

subsidiary of State Street Corporation, a publicly held bank holding company.

Leveraging our combined strengths permits us to focus single-mindedly on

delivering competitive investment strategies and integrated solutions to our clients

worldwide, across virtually every asset class, capitalization range, region and style.

(20)

T. Rowe Price

T. Rowe Price Associates, Inc. is the subadvisor for:

• LVIP T. Rowe Price Structured Mid-Cap Growth Fund

T. Rowe Price, based in Baltimore, Maryland, is an investment management firm

offering individuals and institutions around the world investment management

excellence, world-class service, and guidance.

The T. Rowe Price investment approach strives to achieve superior performance but

is always mindful of the risks incurred relative to the potential rewards.

Founded in 1937 by Thomas Rowe Price Jr., the company offers separately

managed investment portfolios for institutions and a broad range of mutual funds

for individual investors and corporate retirement accounts.

UBS

UBS is a subadvisor for:

• LVIP UBS Large Cap Growth RPM Fund

UBS Global Asset Management, a business division of UBS is a large-scale

asset manager with well-diversified businesses across regions, capabilities and

distribution channels. They offer investment capabilities and investment styles

across all major traditional and alternative asset classes. These include equity,

fixed income, currency, hedge fund, real estate, infrastructure and private equity

investment capabilities that can also be combined in multi-asset strategies.

Vanguard

Lincoln Investment Advisors Corporation is the advisor for:

• LVIP Vanguard Domestic Equity ETF Fund

• LVIP Vanguard International Equity ETF Fund

Founded in 1975, Vanguard is one of the world’s largest investment management

companies, affording investors like you the benefits of its size, stability and

experience. With headquarters in Valley Forge, Pennsylvania, Vanguard also

has offices in Charlotte, Scottsdale, London, Paris, Amsterdam, Zurich, Tokyo,

Singapore, Sydney, Brisbane, Melbourne and Perth. Owned by clients and

employees, Vanguard focuses on investor-first principles to help you achieve your

long-term financial goals. Vanguard fund shareholders own the funds, which own

Vanguard.

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Multi-Fund

®

variable annuity investment options at a glance

Investment option Investment risk category Investment strategy Investment concentration Fixed Account1 _{Preservation of Capital} _{Provides a competitive current interest rate that translates into the}

highest possible return with the lowest level of risk while also offering protection of principal

U.S.

LVIP Delaware Diversified Floating Rate12,15

Preservation of Capital Invests at least 80% of its net assets in floating rate securities and may include derivative instruments that attempt to achieve a floating rate of income for the Fund when they are combined with a group of fixed-rate securities

Primarily U.S.

LVIP Money Market2 _{Preservation of Capital} _{Invests in high-grade money market instruments, such as Treasury}

bills, which mature in one year or less

U.S. Delaware VIP®_Diversified

Income12,16

Income Invests in a multisector portfolio of bonds and other fixed-income securities, including U.S. investment-grade, U.S. high-yield, and International sectors

U.S.

Delaware VIP®_{High Yield}8,12 _Income _{Invests primarily in high-yield corporate bonds (those rated BB}

or lower, commonly known as junk bonds), foreign bonds, U.S. government securities, and commercial paper

Global

LVIP BlackRock Inflation Protected Bond16

Income Invests at least 80% of assets in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities, and U.S. and non-U.S. corporations. Also invests up to 20% of assets in securities denominated in foreign currencies, and may invest without limit in U.S. dollar-denominated securities of non-U.S. issuers.

U.S.

LVIP Delaware Bond12,16 _Income _{Invests in U.S. government guaranteed securities and top-quality,}

corporate-issued bonds

U.S. LVIP Global Income3,16 _Income _{Invests mainly in debt securities of governments and companies}

located anywhere in the world

Global LVIP SSgA Bond Index7,16 _Income _{Invests in a well-diversified portfolio that is representative of the}

domestic investment-grade bond market

U.S. PIMCO VIT Total Return16 _Income _{The Portfolio seeks maximum total return, consistent with}

preservation of capital and prudent investment management

Primarily U.S. American Funds Growth-Income Growth & Income Invests primarily in common stocks or other securities that

demonstrate the potential for appreciation and/or dividends

Primarily U.S., but may invest up to 15% of assets outside of the U.S. Delaware VIP®_REIT5,6,12 _{Growth & Income} _{Invests primarily in investments of real estate investment trusts (REITs) Primarily U.S., but may}

invest up to 15% of assets outside of the U.S. Delaware VIP®_Value12 _{Growth & Income} _{Invests primarily in common stocks of established companies that}

have long-term total return potential

Primarily U.S. LVIP BlackRock Equity

Dividend RPM18

Growth & Income Invests primarily in equity securities of high-quality companies that appear to trade at discounts to their true, or intrinsic, values

U.S. American Funds Global Growth3 _{Long-term Growth} _{Invests primarily in common stocks of companies around the world} _Global

American Funds Growth Long-term Growth Invests primarily in common stocks of companies that appear to offer superior opportunities for growth of capital

Primarily U.S., but may invest up to 15% of assets outside of the U.S. American Funds International3 _{Long-term Growth} _{Invests primarily in common stocks of companies located outside the}

United States

Non-U.S. Delaware VIP®_{Small Cap Value}4,12 _{Long-term Growth} _{Invests primarily in stocks of small companies whose price appears}

low relative to the underlying value or future potential

U.S. Fidelity®_{VIP Contrafund}® _{Long-term Growth} _{Invests in stocks of companies that possess value not fully recognized}

by the market

Global Fidelity®_{VIP Growth} _{Long-term Growth} _{Invests primarily in common stocks with above average growth}

potential

Global LVIP Clarion Global Real Estate3,5,6 _{Long-term Growth} _{Invests primarily in equity securities of companies in the real estate}

industry located throughout the world, including REITs and other publicly traded real estate companies

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Investment option Investment risk category Investment strategy Investment concentration LVIP Delaware Growth

and Income12

Long-term Growth Invests in a diversified portfolio of stocks primarily of large U.S. companies with market capitalizations similar to those of the companies in the Russell 1000®_Index

U.S.

LVIP Delaware Social Awareness12 _{Long-term Growth} _{Invests in companies that meet a broad list of criteria for social}

responsibility

U.S. LVIP Delaware Special

Opportunities4,12

Long-term Growth Invests in stocks of attractively priced mid-size companies with potentially strong future growth rates

U.S. LVIP Mondrian

International Value3

Long-term Growth Invests in the stock of companies outside the United States Non-U.S. LVIP SSgA International

Index Fund3,7

Long-term Growth Invests primarily in the securities of companies located in developed countries outside the United States

Non-U.S. LVIP SSgA S&P 500 Index7,10 _{Long-term Growth} _{Invests primarily in the U.S., but may invest up to 20% of assets}

outside the United States

U.S. LVIP UBS Large Cap Growth RPM18 _{Long-term Growth} _{Invests in common stocks of large U.S. companies with market}

capitalizations equivalent to those companies included in the Russell 1000®_{Growth Index}

U.S.

LVIP Vanguard Domestic Equity ETF9,14

Long-term Growth Invests substantially all of its assets in ETFs which, in turn, invest in equity securities (stocks). The ETFs attempt to track the investment performance of certain benchmark indices consisting of common stock of companies located in the United States.

U.S.

LVIP Vanguard International Equity ETF3,9,14

Long-term Growth Invests substantially all of its assets in ETFs which, in turn, invest in equity securities (stocks). The ETFs attempt to track the investment performance of certain benchmark indices consisting of common stocks of companies located in developed and emerging countries around the world.

Global

MFS®_{VIT Utilities}5 _{Long-term Growth} _{Invests primarily in equity and debt securities of both domestic and}

foreign companies, primarily in the utilities industry

Global AllianceBernstein VPS Global

Thematic Growth3,5

Maximum Capital Appreciation

Invests primarily in a global universe of companies in multiple industries that may benefit from innovation

Global Delaware VIP®_Smid

Cap Growth4,12

The Series invests primarily in common stocks of growth-oriented companies that the team believes have long-term capital appreciation potential and expect to grow faster than the U.S. economy. The team particularly seeks small to mid-size companies.

Primarily U.S.

LVIP Baron Growth Opportunities4

Invests in securities of small and mid-size companies with undervalued assets and favorable growth prospects

Primarily U.S. LVIP SSgA Emerging

Markets 1003,7,11

Invests in approximately 100 equity securities of issuers from emerging foreign countries

Non-U.S. LVIP SSgA Small-Cap Index4,7 _{Maximum Capital}

Appreciation

Invests primarily in the securities that make up the Russell 2000®_Index

Primarily U.S. LVIP T. Rowe Price Structured

Mid-Cap Growth4

Invests at least 80% of its assets in a diversified group of domestic stocks, primarily of mid-size companies

U.S. BlackRock Global Allocation V.I.3 _{Asset Allocation (Growth &}

Income)

The Fund invests in a portfolio of equity, debt and money market securities. The Fund generally seeks diversification across markets, industries and issuers as one of its strategies to reduce volatility. The Fund may invest in the securities of companies of any market capitalization.

Global

DWS Alternative Asset Allocation VIP3,5,9

Asset Allocation (Growth & Income)

Invests in alternative (or nontraditional) asset categories and investment strategies

Global LVIP Delaware Foundation®

Aggressive Allocation12

Invests in a diversified portfolio of securities of different asset classes and investment styles

Conservative Allocation12

Moderate Allocation12

Global LVIP Managed Risk

Profile 20109,13,17

The Fund seeks the highest total return over time with an increased emphasis on capital preservation as the target date approaches. Thereafter, an emphasis will be placed on high current income with a secondary focus on capital appreciation.