Strategy. The Fund pursues its investment objective by investing in a portfolio of investments that provide exposure to securities of mid capitalization issuers. 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. Lincoln Financial Investments Corporation (the Adviser) serves as the Funds investment adviser. American Century Investment Management, Inc. (the Sub-Adviser) serves as the Funds sub-adviser. The Sub-Adviser is responsible for the day-to-day management of the portion of the Funds assets that the Adviser allocates to each investment strategy. The Adviser allocates 80% of the portion of the … Show more… The Fund pursues its investment objective by investing in a portfolio of investments that provide exposure to securities of mid capitalization issuers. 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. Lincoln Financial Investments Corporation (the Adviser) serves as the Funds investment adviser. American Century Investment Management, Inc. (the Sub-Adviser) serves as the Funds sub-adviser. The Sub-Adviser is responsible for the day-to-day management of the portion of the Funds assets that the Adviser allocates to each investment strategy. The Adviser allocates 80% of the portion of the Funds assets not subject to the overlay to the Mid Cap Value Strategy and 20% of the portion of the Funds assets not subject to the overlay to the Capital Appreciation Strategy. Such allocations are subject to change at the discretion of the Adviser. Mid Cap Value Strategy. The Fund, under normal circumstances, will invest at least 80% of the Funds assets in medium size companies. The portfolio managers consider medium size companies to include those whose market capitalization at the time of purchase is within the capitalization range of the Russell 3000 Index*, excluding the largest 100 such companies. The portfolio managers intend to manage the Fund so that its weighted capitalization falls within the capitalization range of the members of the Russell Midcap Index*. Though market capitalization may change from time to time, as of March 31, 2025, the capitalization range of the Russell 3000 Index, excluding the largest 100 companies, and the Russell Midcap Index, were approximately $18.8 million to $3.34 trillion and $272.8 million to $197.4 billion, respectively. In selecting stocks for the Fund, the portfolio managers look for companies whose stock price may not reflect the companys value. The portfolio managers attempt to purchase the stocks of these undervalued companies and hold each stock until the price has increased to, or is higher than, a level the portfolio managers believe more accurately reflects the fair value of the company. The portfolio managers use a variety of analytical research tools and techniques to help them make decisions about buying or holding securities of companies that meet their investment criteria and selling the securities of companies that do not. The Fund may invest a portion of its assets in foreign securities when these securities meet the portfolio managers standards of selection. Capital Appreciation Strategy. The portfolio managers look for stocks of medium-sized companies they believe will increase in value over time, using an investment strategy developed by the Sub-Adviser. In implementing this strategy, the portfolio managers make their investment decisions based primarily on their analysis of individual companies, rather than on broad economic forecasts. Management of the Fund is based on the belief that durable franchises in a growing industry can sustain above average earnings growth. The Funds portfolio, under normal market conditions, will primarily consist of securities of companies with attractive returns on invested capital that are demonstrating business improvement. Analytical indicators helping to identify signs of business improvement could include accelerating earnings or revenue growth rates, increasing cash flows, or other indications of the relative strength of a companys business. These techniques help the portfolio managers buy or hold the stocks of companies they believe have favorable growth prospects and sell the stocks of companies whose characteristics no longer meet their criteria. The Fund will usually purchase common stocks of companies that are medium-sized at the time of purchase, but it will purchase securities of smaller- and larger-sized companies as well. Also, although the portfolio managers intend to invest the Funds assets primarily in U.S. securities, the Fund may invest in securities of foreign companies when these securities meet the portfolio managers standards of selection. * Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell 3000 and Russell Midcap are trademarks of Russell Investment Group. 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