Lincoln Director^SM Group Variable Annuity

Funds for Every Investment Style

The Lincoln Director^SM includes 92 investment choices to meet a variety of investing needs and styles. All or only a selection of these investment choices can be included in a company's plan. This gives employees an opportunity to diversify and helps employers meet fiduciary requirements under ERISA 404(c).

• Domestic Equity
  These investment options focus on stocks primarily of United States companies. Typical investments include purchasing equity shares of corporations that are incorporated in the U.S.
• Fixed Income
  Such options generally try to maximize current income while maintaining stability of principal. Strategies often invest in securities that pay a fixed rate of return or fixed dividend. This usually refers to securities such as bonds, money market instruments or preferred stock issued by U.S. governments, state and local governments, publicly held companies, banks and savings and loans.
• International/Global Equity
  Such investment options often emphasize investments in stocks of multinational or global companies. The focus includes opportunities based on assets located outside the United States, including emerging markets.
• Other
  Other Categories of funds that seeks both growth and income, with stability of principal, through portfolios that includes stocks, bonds, and cash instruments. Investors can select from a series of investment options based on their general comfort level for risk.

How Are They Performing?

You can easily keep track of how the investment options perform via daily performance updates. Click here to see current investment option performance.

YTD net rates of return can be determined as follows: [YTD rate of return - ([asset charge + appropriate investment management fee] x [the number of months / 12])].

IMPORTANT DISCLOSURES:

¹ Investing internationally involves risks not associated with investing solely in the United States, such as currency fluctuation, political risk, differences in accounting and the limited availability of information.

² Funds that invest in small and/or mid-size company stocks typically involve greater risk, particularly in the short term, than those investing in larger, more established companies.

³ An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share (or for the LVIP Money Market Fund $10.00 per share), it is possible to lose money by investing in the fund. An investment in Cash Management Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. Although this option seeks to preserve the value of your investment, it is not managed to maintain a stable net asset value of $1 per share and it is possible to lose money by investing in this investment option.

⁴ An index is unmanaged, and one cannot invest directly in an index.

⁵ Funds that concentrate investments in one region or industry may carry greater risk than more broadly diversified funds.

⁶ Government bonds and Treasury bills are backed by the full faith and credit of the U.S. government, and typically pay a fixed rate of return.

⁷ High yield bonds experience higher volatility and increased credit risk when compared to other fixed income investments.

⁸The portfolio may invest in high-yield or lower-rated securities, which may provide greater returns but are subject to greater-than-average risk such as increased risk of non-payment or default.

⁹ REITs involve risks such as refinancing, economic conditions in the real estate industry, changes in property values, dependency on real estate management, and other risks associated with a portfolio that concentrates its investments in one sector or geographic region.

¹⁰ Investing in emerging markets can be riskier than investing in well-established foreign markets. International investing involves special risks not found in domestic investing, including increased political, social and economic instability.

¹¹Each Profile Fund is operated as a fund of funds which invests primarily in other funds rather than in individual securities. Funds of this nature may be more expensive than other investment options. The Profile Funds are asset allocation funds; asset allocation does not ensure a profit nor protect against loss.

¹² "Standard & Poor's^®", "S&P 500^®", Standard & Poor's 500^®" and "500" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Lincoln Variable Insurance Products Trust and its affiliates. The product is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of purchasing the product.

¹³Performance shown is from the inception date of each Master Fund, which was purchased by the applicable LVIP American Fund (the Feeder Fund in the master-feeder fund structure). Performance information shown is that of each Master Fund as adjusted for the Feeder Fund expenses, including the fees and expenses of the Service Class II shares and product fees. The performance information shown is not the Feeder Fund's own performance, and should not be considered indicative of past or future performance or a substitute for the Fund's performance.

¹⁴An investment in a separate account is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the separate account seeks to preserve capital, it is possible to lose money by investing in this separate account. When interest rates rise, the value of fixed income securities generally decline. Likewise, when interest rates fall, the value of fixed income securities generally increase. There is no assurance that private guarantors or insurers will meet their obligations.

¹⁵ This Fund will typically seek to gain exposure to the commodity markets by investing in commodity-linked derivative instruments, swap transactions, or index- and commodity-linked "structured" notes. These instruments may subject the Fund to greater volatility than investments in traditional securities. This Fund is non-diversified, which means it may incur greater risk by concentrating its assets in a smaller number of issuers than a diversified fund.

¹⁶ This fund may make use of both long and short equity positions in an effort to minimize losses that could occur from a broad market rally or decline. The fund may also target equity securities of companies that are or may be possible merger or acquisition targets. Both of these strategies can be very speculative.

¹⁷ Collective trusts and non-deposit investment products are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the FDIC, the Federal Reserve Board, or any other government agency.

¹⁸ Exchange-traded funds (ETFs) in this lineup are available through collective trusts. Investors cannot invest directly in an ETF.

¹⁹ The target date is the approximate date when investors plan to retire or start withdrawing their money. The principal value is not guaranteed at any time, including at the target date.

²⁰ The fund referred to herein is not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such fund, or an index on which each fund is based. The prospectus and statement of additional information contain a more detailed description of the limited relationship MSCI has with Lincoln Investment Advisors Corporation and any related funds.

²¹ Floating rate funds should not be considered alternatives to CDs or money market funds, and should not be considered as cash alternatives.

Not all investment options are available in all plans because some accounts may not be offered by your employer.

This variable annuity contract has limitations and expense charges. For costs and complete details of the coverage contact your Lincoln Financial plan representative.

Lincoln Financial Group
1300 S. Clinton St.
P.O. Box 2248
Fort Wayne, IN 46801-2248