Strategy. The Fund operates under a fund of funds structure with an active allocation strategy. Lincoln Financial Investments Corporation (the Adviser) serves as the Funds investment adviser. SSGA Funds Management Inc. (the Sub-Adviser) serves as sub-adviser to the Funds active allocation strategy. The Sub-Adviser is responsible for the day-to-day management of the portion of the Funds assets that the Adviser allocates to it. Such allocations are subject to change at the discretion of the Adviser. The Sub-Adviser invests substantially all of the Funds assets allocated to it in other mutual funds and exchange-traded funds (collectively, the Underlying Funds), including funds advised by the Adviser and Sub-Adviser. The Underlying Funds, in turn, invest in equity securities (stocks) and/or fixed income securities (bonds). … Show more… The Fund operates under a fund of funds structure with an active allocation strategy. Lincoln Financial Investments Corporation (the Adviser) serves as the Funds investment adviser. SSGA Funds Management Inc. (the Sub-Adviser) serves as sub-adviser to the Funds active allocation strategy. The Sub-Adviser is responsible for the day-to-day management of the portion of the Funds assets that the Adviser allocates to it. Such allocations are subject to change at the discretion of the Adviser. The Sub-Adviser invests substantially all of the Funds assets allocated to it in other mutual funds and exchange-traded funds (collectively, the Underlying Funds), including funds advised by the Adviser and Sub-Adviser. The Underlying Funds, in turn, invest in equity securities (stocks) and/or fixed income securities (bonds). The Fund also seeks to manage its overall portfolio volatility with a managed volatility strategy. This is a type of risk management sometimes referred to as an overlay because the risk management portion of the portfolio supplements the Funds main investment portfolio. The Sub-Adviser, under normal circumstances, invests approximately 60% of the Funds assets allocated to it in Underlying Funds, which invest primarily in equity securities (stocks), and approximately 40% of the Funds assets allocated to it in Underlying Funds, which invest primarily in fixed income securities (bonds). The Sub-Adviser develops the Fund's asset allocation strategy based on the Fund's investment strategy. The Fund allocates assets in Underlying Funds that invest in equity securities (stocks), including small- and medium-cap stocks and stocks and those with growth and value characteristics. The securities may be foreign equity securities, including emerging market equity securities. Through the investment in Underlying Funds, the Fund may invest a large percentage of the Fund's assets in issuers located in a single country, a small number of countries, or a particular geographic region. The Fund normally maintains investment exposure to at least three countries outside of the United States. Typically, the Fund invests in a large number of different countries. The Fund is not required to allocate its investments in any set percentages in any particular countries. The Fund allocates a smaller percentage of assets to Underlying Funds that invest in domestic fixed income securities (bonds), including mortgage-backed securities, corporate, government, and inflation-indexed bonds. The Underlying Funds will include, but are not limited to, funds that employ a passive investment style (i.e., index funds), multi-factor funds (i.e., a strategy of selecting investments that have favorable exposure to certain factors, such as quality, value, and momentum), and funds that provide exposure to a specific market sector. On at least an annual basis, the Sub-Adviser will reassess and may make revisions in the Funds asset allocation strategy consistent with the Fund's investment strategy and objective, including revising the weightings among the investments described above and adding or removing Underlying Funds from the asset allocation strategy. The Sub-Adviser will also periodically rebalance the weightings in the Underlying Funds to the current asset allocation model. The full list of Underlying Funds used by the Fund is included in the Funds annual and semi-annual reports, Form N-CSR and quarterly holdings disclosures. To determine the relative attractiveness of broad asset classes and markets, the Sub-Adviser 's asset allocation models use a disciplined, systematic process. The Sub-Adviser generates and then combines expected risk and return forecasts for a wide variety of asset classes and reassess value across asset-class, including country, style and sector. This set of resulting forecasts is the primary influence in determining the asset allocation over-weights and under-weights. The Sub-Advisers investment relies on proprietary quantitative models as well as the Sub-Adviser's fundamental views regarding factors that may not be captured by the quantitative models. The allocations to each asset class will change over time as the Adviser's expectations of each asset class shift. Managed Volatility Strategy. Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (collectively, Schroders or overlay manager) serve as sub-adviser and sub-sub-adviser to the Fund, respectively, to implement the managed volatility strategy. This managed volatility strategy consists of selling (short) positions in exchange-traded equity futures contracts to manage overall portfolio volatility and seeks to reduce the impact on the Funds portfolio of significant market downturns during periods of high volatility. Schroders buys or sells (shorts) individual futures contracts on equity indices of domestic and foreign markets that it believes are highly correlated to the Funds equity exposure. Schroders may also buy and sell fixed income futures and foreign currency derivatives (futures and/or forwards) as part of this strategy. Although up to 20% of the Funds net assets may be used by Schroders to implement the managed volatility strategy, under normal market conditions, it is expected that less than 10% of the Funds net assets will be used for this strategy. Schroders uses a proprietary volatility forecasting model to manage the assets allocated to this strategy. The managed volatility strategy is separate and distinct from any riders or features of your insurance contract. Schroders will regularly adjust the level of exchange-traded futures contracts and/or foreign currency derivatives to seek to manage the Funds overall net risk level, i.e., volatility. Volatility is a statistical measure of the dispersion of the Funds investment returns. Schroders will seek to manage currency risk involved in foreign futures contracts by buying or selling (shorting) foreign currency derivatives (futures and/or forwards). Schroders investment in exchange-traded futures and their resulting costs could limit the upside participation of the Fund in strong appreciating markets relative to unhedged funds. In situations of extreme market volatility, the exchange-traded futures could potentially reduce the Funds net economic exposure to equity securities and foreign currency or increase the Funds net economic exposure to fixed income securities to a substantial degree. The amount of exchange-traded futures may fluctuate frequently based upon market conditions. Schroders may take a long position in equity index futures and/or foreign currency derivatives for the purpose of providing an equity and/or currency exposure generally comparable to the holdings of cash. This allows the Fund to be fully invested in the market by turning cash into an equity and/or currency position while still maintaining the liquidity provided by the cash. Show less