Strategy. The Fund pursues its investment objective by investing in a portfolio of investments that provide exposure to securities of large cap issuers. Along with pursuing its investment objective, the Fund seeks to manage its overall portfolio volatility with a managed volatility strategy. This is a type of risk management sometimes referred to 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. ClearBridge Investments, LLC (ClearBridge) and Franklin Advisers, Inc. (Franklin Advisers) serve as the Funds sub-advisers. Each sub-adviser is responsible for the day-to-day management of the portion of the Funds assets that the Adviser allocates to such sub-adviser. The Adviser allocates … Show more… The Fund pursues its investment objective by investing in a portfolio of investments that provide exposure to securities of large cap issuers. Along with pursuing its investment objective, the Fund seeks to manage its overall portfolio volatility with a managed volatility strategy. This is a type of risk management sometimes referred to 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. ClearBridge Investments, LLC (ClearBridge) and Franklin Advisers, Inc. (Franklin Advisers) serve as the Funds sub-advisers. Each sub-adviser is responsible for the day-to-day management of the portion of the Funds assets that the Adviser allocates to such sub-adviser. The Adviser allocates approximately 50% of the portion of the Funds assets not subject to the overlay to ClearBridge and approximately 50% of the portion of the Funds assets not subject to the overlay to Franklin Advisers. Such allocations are subject to change at the discretion of the Adviser. The Fund, under normal circumstances, invests at least 80% of its assets in a portfolio of investments that provide exposure to securities of large cap issuers, which, for purposes of the Fund, are companies within the capitalization range of the S&P 500 Index. As of March 31, 2025, the market capitalization range of the S&P 500 Index was $5.28 billion to $3.34 trillion. The Fund invests in equity securities, as well as in derivatives and other investments that have economic characteristics similar to such securities. The Fund may invest in securities of issuers of all capitalization sizes to the extent consistent with the Funds policy of investing at least 80% of its assets in a portfolio of investments that provide exposure to securities of large cap issuers. The Fund also may invest in securities of issuers of all capitalization sizes; however, a substantial number of the issuers are expected to be large-capitalization issuers. The Fund invests a large percentage of its assets in equity securities of U.S. companies, although it may also invest in equity securities of foreign issuers. The Fund invests in equities with a view to capital appreciation as well as income from dividend payments and other distributions. The ClearBridge Appreciation strategy seeks long-term capital appreciation by investing primarily in a core portfolio of quality large capitalization companies, although the portfolio managers may also invest in selected mid and small capitalization companies. The fund invests primarily in equity securities of U.S. companies but may invest up to 20% of its net assets in the equity securities of foreign issuers. Investments generally include companies the portfolio managers believe have superior demonstrated or expected growth characteristics and whose stocks are available at reasonable prices, and/or companies whose assets or earning power the portfolio managers believe are either unrecognized or undervalued by the market. Franklin Advisers uses a stock selection process based on a diverse set of fundamental and behavioral drivers of return. Franklin Advisers believes that stocks with high return potential have attractive valuation and favorable investment sentiment. Franklin Advisers takes a systematic approach, which allows it to evaluate all stocks in the investment universe every day on a consistent basis. Franklin Advisers builds portfolios that emphasize stocks with high expected return and that manage risk carefully. 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