Strategy. The Fund, under normal circumstances, invests at least 80% of its assets in a portfolio of investments that provide exposure to equity securities. The Fund pursues its investment objective by primarily investing in a broad and diverse group of equity and income securities, as well as derivatives and other investments that have economic characteristics similar to such securities. 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. Invesco Advisers, Inc. (Invesco Advisers) and Invesco Capital … Show more… The Fund, under normal circumstances, invests at least 80% of its assets in a portfolio of investments that provide exposure to equity securities. The Fund pursues its investment objective by primarily investing in a broad and diverse group of equity and income securities, as well as derivatives and other investments that have economic characteristics similar to such securities. 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. Invesco Advisers, Inc. (Invesco Advisers) and Invesco Capital Management LLC (Invesco Capital) 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 intends to allocate approximately 70% of the portion of the Funds assets not subject to the overlay to Invesco Advisers and approximately 30% of the portion of the Funds assets not subject to the overlay to Invesco Capital. Such allocations are subject to change at the discretion of the Adviser. The Fund may invest in securities of issuers of all capitalization sizes; however, under normal market conditions, it is currently expected that the Fund will invest a substantial percentage of its assets in large-capitalization issuers. The Fund invests, under normal circumstances, a majority of its assets in income-producing equity investments, including dividend paying common or preferred stocks, interest paying convertible debentures or bonds, zero coupon convertible securities (on which the Fund accrues income for tax and accounting purposes, but receives no cash) and in real estate investment trusts (REITs), although it may also invest in non-income producing equities. It is the current operating policy of the Fund to invest in debt securities rated investment grade. This operating policy does not apply to convertible securities, which are selected primarily on the basis of their equity characteristics. The Fund, to a lesser extent, also may invest in securities of foreign issuers, which may include depositary receipts. The Fund may use derivatives, such as forward foreign currency contracts, futures contracts and options, to seek to enhance investment returns or to mitigate risk and to hedge against adverse movements in foreign currencies and to manage duration. The Fund may engage in frequent and active trading of portfolio investments. The Fund also invests in U.S. Government obligations, including Treasury bills and notes, and obligations issued or guaranteed by the U.S. Government or its agencies or instrumentalities. Invesco Advisers selects securities based on a securitys potential for income with safety of principal and long-term growth of capital. Invesco Advisers emphasizes a value style of investing, which focuses on undervalued companies with characteristics for improved valuations. Invesco Advisers look for catalysts for change that may positively impact a company. This catalyst could come from within the company in the form of new management, operational enhancements, restructuring or reorganization. It could also be an external factor, such as improvement in industry conditions or a regulatory change. The aim is to uncover these catalysts for change, and then benefit from potential stock price appreciation of the change taking place at the company. Invesco Advisers also selects dividend-paying equity securities of companies that exhibit strong profitability, solid balance sheets and capital allocation policies that support sustained or increasing dividends and share repurchases. Invesco Advisers seeks to provide a solid foundation for investors portfolios by employing a total return approach, emphasizing capital appreciation, dividend income and capital preservation. Invesco Advisers may sell a security when it no longer materially meets Invesco Advisers investment criteria, including when, in the opinion of Invesco Advisers, a stock reaches Invesco Advisers estimate of its value, a company's fundamental business prospects deteriorate, or a more attractive opportunity presents itself. Invesco Capital, using an indexing strategy, generally will invest at least 80% of the Funds assets allocated to it in equal-weighted securities in the Invesco U.S. Large Cap Equal Weight Index (the Invesco Index). The Invesco Index seeks to measure the aggregate performance of the largest publicly traded companies in the U.S. Equal weighting may lead to more uniform contribution to the indexs return across the spectrum of constituents. Pursuant to the indexing strategy, Invesco Capital typically will not buy or sell a security unless that security is added or removed, respectively, from the Invesco Index. The Invesco Index is an unmanaged index compiled by Invesco Indexing LLC. 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