Strategy. The Fund operates under a fund of funds structure. The Fund, under normal circumstances, invests at least 80% of its assets in exchange-traded funds (Underlying ETFs or ETFs), which, in turn, invest in foreign equity securities (stocks), including emerging markets securities. The Underlying ETFs primarily are Vanguard ETFs *. The Vanguard Group, Inc., the investment adviser of the Vanguard ETFs , is not affiliated with the Fund or its investment adviser, Lincoln Financial Investments Corporation (the Adviser). Foreign equity securities are securities of companies organized, or having a majority of their assets, or earning a majority of their operating income, outside of the U.S. Foreign equity securities may trade on U.S. or foreign markets. An emerging market country is generally … Show more… The Fund operates under a fund of funds structure. The Fund, under normal circumstances, invests at least 80% of its assets in exchange-traded funds (Underlying ETFs or ETFs), which, in turn, invest in foreign equity securities (stocks), including emerging markets securities. The Underlying ETFs primarily are Vanguard ETFs *. The Vanguard Group, Inc., the investment adviser of the Vanguard ETFs , is not affiliated with the Fund or its investment adviser, Lincoln Financial Investments Corporation (the Adviser). Foreign equity securities are securities of companies organized, or having a majority of their assets, or earning a majority of their operating income, outside of the U.S. Foreign equity securities may trade on U.S. or foreign markets. An emerging market country is generally considered to be one that is in the initial stages of its industrialization cycle and has a lower per capita gross national product. The Adviser develops the Fund's asset allocation strategy based on the Fund's investment strategy. Through its investment in Underlying ETFs, the Fund allocates a large percentage of assets across a broad and diverse range of international stocks with growth and value styles, including large-cap, mid-cap, small-cap and emerging market stocks. The Fund, through the Underlying ETFs, may invest a large percentage of its assets in issuers located in a single country, a small number of countries, or a particular region. ETFs are typically funds that track an index and whose shares are listed and traded on a stock exchange or otherwise traded in the over-the-counter market, and may be purchased and sold throughout the trading day based on their market price. The Fund also may utilize currency-related instruments to manage currency risk. On at least an annual basis, the Adviser will reassess and may make revisions in the Fund's asset allocation strategy consistent with the Fund's investment strategy and objective, including revising the weightings among the investments described above and adding Underlying ETFs to or removing Underlying ETFs from the asset allocation strategy. The Adviser will also periodically rebalance the weightings in the Underlying ETFs held by the Fund to the current asset allocation strategy. In general, the Adviser does not anticipate making frequent changes in the asset allocation strategy and will not attempt to time the market. The Adviser uses various analytical tools and proprietary and third-party research to construct the portfolio. The Underlying ETF selection is made based on the Funds particular asset allocation strategy, the Adviser's desired asset class exposures, country and regional exposure, and the investment styles and performance of the Underlying ETFs. The Adviser also considers the portfolio characteristics and risk profile for each Underlying ETF over various periods and market environments to assess each Underlying ETF's suitability as an investment. The full list of underlying ETFs used by the ETF is included in the ETFs annual and semi-annual reports and quarterly holdings disclosures. * Vanguard and Vanguard ETF are trademarks of The Vanguard Group, Inc. Show less