LINCOLN VARIABLE ANNUITIES The Risk Managed Strategies

LINCOLN VARIABLE ANNUITIES

The Risk Managed Strategies

Investment options and requirements for managed risk living benefits

LINCOLN ANNUITIES

Not a deposit Not FDIC-insured May go down in value Not insured by any federal government agency Not guaranteed by any bank or savings association

Insurance products issued by: The Lincoln National Life Insurance Company Lincoln Life & Annuity Company of New York

1914826

For use with the general public.

Risk Managed Strategies

The Risk Managed Strategies are investment options available through select Lincoln variable annuity products. The Risk Managed Strategies seek to deliver long-term appreciation over a full market cycle while stabilizing volatility in all market environments through a combination of asset allocation and ongoing volatility management. Select from the investment choices below to build your own portfolio. Investment requirements apply.

If purchasing Lincoln Lifetime IncomeSM Advantage 2.0, you can choose from

? asset allocation options: up to 100%. ? individual fund options: up to 80% in equity and at least 20% in fixed income. If purchasing immediate income with i4LIFE? Advantage GIB (Managed Risk) you are not required to invest a minimum of 20% in fixed income.

U.S.

Asset allocation options

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund* LVIP U.S. Aggressive Growth Allocation Managed Risk Fund LVIP U.S. Growth Allocation Managed Risk Fund*

Equity options Large cap value Large cap blend

Large cap growth Mid cap value Mid cap growth Small cap blend Fixed income options Short duration

U.S. LVIP BlackRock Dividend Value Managed Volatility Fund LVIP Franklin Templeton Value Managed Volatility Fund*

LVIP ClearBridge QS Select Large Cap Managed Volatility Fund LVIP Dimensional U.S. Equity Managed Volatility Fund* LVIP Invesco Select Equity Income Managed Volatility Fund LVIP Fidelity Institutional AMSM Select Core Equity Managed Volatility Fund LVIP SSGA Large Cap Managed Volatility Fund*

LVIP Blended Large Cap Growth Managed Volatility Fund

LVIP American Century Select Mid Cap Managed Volatility Fund* LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

LVIP Blended Mid Cap Managed Volatility Fund

LVIP SSGA SMID Cap Managed Volatility Fund* High quality

Intermediate/ long duration

LVIP BlackRock Inflation Protected Bond Fund LVIP Delaware Bond Fund LVIP Dimensional/Vanguard Total Bond Fund* LVIP SSGA Bond Index Fund LVIP Western Asset Core Bond Fund JPMorgan Insurance Trust Core Bond Portfolio

Variable annuities are long-term investment products that offer a lifetime income stream, access to leading investment managers, options for guaranteed growth and income (available for an additional charge), and death benefit protection. To decide if a variable annuity is the best choice, consider that its value will fluctuate; it is subject to investment risk and possible loss of principal; and there are costs associated such as mortality and expense, administrative and advisory fees. All guarantees, including those for optional features, are subject to the claims-paying ability of the issuer. Limitations and conditions apply.

Lincoln Investment Advisors Corporation (LIAC) is the investment advisor for the funds comprising the Risk Managed Strategies. The risk management strategies are not guaranteed, may not perform as expected, and contractowners may experience loss. Each fund has been 2 assigned to a style box by Lincoln based on its investment focus and portfolio composition. The funds' portfolios are subject to change and may not always reflect the characteristics of their assigned box.

Net Expense 0.78% 1.11% 1.09%

0.94% 0.99% 1.03% 0.88% 0.92% 1.02% 0.73% 0.99% 1.25% 1.05% 1.02% 0.87%

0.75% 0.73% 0.65% 0.60% 0.80% 0.85%

Global LVIP BlackRock Global Allocation V.I. Managed Risk Fund* LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund* LVIP Global Aggressive Growth Allocation Managed Risk Fund LVIP Global Conservative Allocation Managed Risk Fund* LVIP Global Growth Allocation Managed Risk Fund* LVIP Global Moderate Allocation Managed Risk Fund* LVIP SSGA Global Tactical Allocation Managed Volatility Fund* International/global LVIP Franklin Templeton Global Equity Managed Volatility Fund

LVIP Dimensional International Equity Managed Volatility Fund* LVIP Multi-Manager Global Equity Managed Volatility Fund* LVIP SSGA International Managed Volatility Fund*

LVIP MFS International Equity Managed Volatility Fund*

Medium quality Delaware VIP? Limited-Term Diversified Income Series LVIP Delaware Diversified Floating Rate Fund LVIP PIMCO Low Duration Bond Fund LVIP SSGA Short-Term Bond Index Fund Delaware VIP? Diversified Income Series

Net Expense 1.18% 0.81% 1.00% 1.00% 0.99% 1.00% 0.85%

1.00%

1.06% 1.20% 0.89%

1.23%

0.85% 0.88% 0.96% 0.61% 0.96%

Market cap: Large-cap companies (L) generally have a market capitalization ranging from greater than $5 billion to greater than $9.1 billion, depending on fund manager investment classifications. Mid-cap companies (M) generally have a market capitalization ranging from between $1?$5 billion to between $1.3?$9.1 billion, depending on fund manager investment classifications. Small-cap companies (S) generally have a market capitalization ranging from less than $1 billion to less than $1.3 billion, depending on fund manager investment classifications. Duration: Short-range maturity (S) is up to 3.5 years. Intermediate-range maturity (I) is 3.5 years to 6 years. Longrange maturity (L) is greater than 6 years.

* This 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. These types of funds are asset allocation funds; asset allocation does not ensure a profit nor protect against loss. The Fund is also managed by one

or more sub-advisers, and is subject to certain conditions of an exemptive order granted by the Securities and Exchange Commission. The order permits LIA to hire or fire

sub-advisers, enter into or modify existing sub-advisory agreements, and allocate and reallocate assets among one or more sub-advisers, without shareholder approval

3

(subject to approval of the Board of Trustees)

Not all funds are available in the Advisory products. Please refer to the prospectus for details.

LVIP Managed Volatility Funds

The following LVIP Managed Volatility Funds are diversified style investment options offering volatility management by several of the world's most recognized asset managers.

U.S. large cap

LVIP BlackRock Dividend Value Managed Volatility Fund

The BlackRock Select Dividend Strategy's focus on paying dividends complements Blackrock Equity Dividend's focus on growing dividends.

LVIP ClearBridge QS Select Large Cap Managed Volatility Fund

The fund combines two respected asset managers, ClearBridge and T. Rowe Price, to create a core large cap portfolio with complementary investment strategies through unique approaches to bottom-up security selection.

LVIP Blended Large Cap Growth Managed Volatility Fund

The fund maintains growth focus while diversifying evenly between two managers, Goldman Sachs and Wellington.

10%

10%

0%

25%

30%

75%

70%

50% 504%0%

25%

60% 75%

10%

50% 50% 50% 30%

30% 70%

10%

30%

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Fidelity? VIP Equity-IncoFmraenPkolinrt Cap Research Strategy Franklin

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70%

Frank6li0n %Growth and Income VIP Fund

Franklin

LVIP Dimensional U.S. Equity

LVIP Franklin Templeton Value

gy h Strategy

%

Managed Volatility Fund Managed Volatility Fund Franklin Mutual Shares VIP Fund

Fidelity? VIP Contrafund? Portfolio ClearBridge Variable Appreciation Portfolio

Franklin Income1F5u%nd UsiFnrganthkelinDRimiseinngsioDnivaildaepnpdrsoVaIcPhF, uthnedfund

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Capital

60%

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15%

15%

70%

40%

large value orientation.

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Dividend StrategyLVIPDiUmBeSnsLioanrgael UC.aS.pCGoreowEqtuhitSytr2aFteugnyd JPMorgan MFraidnkClainpMVaultuueaSl tSrhaateregsyVIP FunTdempletonGFroidwetlihtyS?trVaItPegCyontrafund? Portfolio Dividend StrategyDimenWsioenllainl Ug.tSo.nLaLragregCeoCmapaRneysPeoarrtcfohliSotrateJgPyM10o%rgan IFnrtarnekplidn MInicdomCaepFSutnradtegy Franklin RisinFgidDeliivtyid?eVnIdPSEtqra1ut0iet%yg-yIncome Portfolio

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ClearBridge Variable Appr T. Rowe Price Capital Opp

50%

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Fund

20%

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LVIP MFS International Growth Fund MFS? VIT II Research International Portfolio

LVIP Core

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LVIP MFS Val4ue0F%und 60%

DFA Int1e5r%national VLaVluIPeMPoFrStfVoaliloue Fund

70%

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LVIP Invesco Select Equity Income Managed Volatility Fund

The fund combines two Invesco strategies to create a core large cap portfolio with a value orientation.

LVIP Select Core Equity Managed Volatility Fund

The fund combines two Fidelity strategies to create a core large cap portfolio. Adding an income element helps to anchor the portfolio to its value orientation.

LVIP SSGA Large Cap Managed Volatility

The fund offers access to U.S. large cap stocks while maintaining a passive approach.

10%

30% 10% 50%

703%0%

10%

10%

30%

40% 70%

40%

40%

30%

60% 100%

40%

30%

30% 70

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15%

100%15%

70%

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20%

10%

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30%

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LVIP Dimensional U.S. Core EquityLV2IFPuSnSdGAInJPteMrnoargtiaonnaMl iIdndCeaxpFVuanldue Strategy TempletonGAromwetrhicSatnraCteegnytury VP Mid Cap Value Dimensional U.S. Large Company Portfolio JPMorgan Intrepid Mid Cap Strategy Franklin RisinAgmDeirviicdaennCdeSnttruatreygVyP Capital Appreciation

JPMorgan Intrepid Value Strategy Franklin DynaTech Strategy

Franklin Mutual Global Discovery Strategy

50% 50%

VIP refers to Fidelity Variable Insurance Products. VIP Contrafund, VIP FundsManager, Fidelity, Fidelity Institutional AM, and the Fidelity Investments logo are service marks of

FMR LLC. Used with permission.

onal Growth Fund

LVIP Dimensional International

ch International Portfolio Core Equity Fund

nd

DFA International Value Portfolio

5

LVIP Managed Volatility Funds, cont'd

U.S. small/mid cap

10%

10%

10%

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10%253%0%

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10%

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International

Global Equity Managed Equity Managed

International

Equity Managed Volatility Fund Volatility Fund Managed Volatility Fund LVIP MFSFiLdIVneItPleitDryni?maVteiIonPnsiCaolonGnatlrroUaw.fSu.tnhCdoF?ruenPEodqrutfiotyli2oFuLnVdILPIVvCSIyPlSeMJGDaPriAiMdBmrSCoei&dnragPspaeio5GnVn0raMao0rlwiIaIdnntbhdCtleeaSrxpAntraFpaVutptaienorlugednceyaialStiroantePgoyrtfoInlLivoVLeVIsPTIcPeSomSMVGpIFlAeSEtqSIonumntaeaGlrlynlroaCWwtaieoptihngFahSultnerGdadrtoeSwg&ytPh5F0u0nd CLlVeIaPrBMLrViFLdISVPgIePDnVtiDmeairermninaaesbtniioloseninoaAanlglUagG.lrSrIe.onsCwtsoeitvrrheneaEFGtquirounonidtwaylt2hFu Volatility Fund MFS?VIFTiDdIIiemRlieetnys?seiaoVrnIcPahlEUIqn.Sute.itLryna-arIgnteicooCnmoamlePpPoaorntrftyofoPlioloirotfoliToCTho.Te.rReRfouJoEwPnwqMedueoPitPryfgifrceiFaecrunesSnICtadnrcautcrpceittpsuasirdletOdoMpMfipodoiudCrtaupniSttyraFtuengdyTIhnLevVMefIuPsFFcnSrSoad?SnVGoVkIfAIlTfCineoMIrIRmsiRidaseitcCnsoceagceapksDrscFihvtuoindIndtehtnerderneSattriaotneaglyPoTrhtfeCoMllfieuoFanSrd?BDrVoiCifdImTfogeerIerIensVRsEaiaeoqcrsncuieaeiatbslyrsUlceF.thSoAu.InpLnadptrergerencaiCatotioimonnpaalnPyoPrtofrot

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markets with one fund.

orientation.

15%

155% 0% 705%0%

10%

2010%% 50%

308%0%

10%

20%

70%

10500%% 50%

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International Portfolio LVIP MFS Value Fund

DFA International Value Portfolio

6

LVIP Multimanager Global Equity Managed Volatility

The fund offers access to multiple active and passive investment managers within this global equity strategy.

LVIP Loomis Sayles Global Growth

40%

LVIP DFA US Core Equity 2

40%

LVIP DFA International Core Equity

10%

LVIP SSGA Developed International 150

10%

Target: 100% equity

n U.S. Equity n International Equity

61.0% 39.0%

LVIP SSGA Global Tactical Allocation Managed Volatility Fund

Top 20 underlying fund allocations

Target: 60% equity/40% fixed income

n U.S. Equity n International Equity n Fixed Income/Cash

35.9% 34.3% 29.8%

n LVIP SSGA Large Cap 100 n SPDR S&P 500 ETF Trust n LVIP SSGA Small-Mid Cap 200 n SPDR S&P 600 Small Cap ETF n Industrial Select Sector SPDR n Financial Select Sector SPDR n Technology Select Sector SPDR n LVIP SSGA Small Cap Index Fund n LVIP SSGA S&P 500 Index Fund n LVIP SSGA Developed International n SPDR Portfolio World Ex-US ETF n LVIP SSGA International Index Fund

12.8% 8.8% 5.0% 2.5% 2.0% 1.9% 1.9% 0.5% 0.5% 10.1% 6.0% 5.0%

n SPDR Portfolio Emerging Market n LVIP SSGA Emerging Markets 100 Fund n SPDR Citigroup International n Vanguard FTSE Pacific ETF n LVIP SSGA Bond Index Fund n SPDR Bloomberg Barclays TIPs ETF n SPDR Portfolio Aggregate Bond n Vanguard Long-Term Bond ETF n Dreyfus TR & AG Cash Mgmt.

5.0% 4.1% 2.1% 2.0% 14.6% 8.2% 5.1% 1.0% 0.9%

7

LVIP Managed Risk Funds

LVIP Global Aggressive Growth Allocation Managed Risk Fund

TargUe.tS: .10E0q%uiteyquity

n IUn.tSe. rEnqauittiyonal/Global E4q7u%ity

n International Equity

33%

n FFiixxeeddInIcnocmoem/Ceash

20%

n LVIP SSGA S&P 500 Index Fund

22.00% n LVIP SSGA Emerging Markets 100 Fund

n LVIP SSGA Small-Cap Index Fund

8.00% n LVIP SSGA Developed International 150 Fund

n LVIP SSGA Mid-Cap Index Fund

6.00% n LVIP Delaware Bond Fund

n LVIP SSGA Large Cap 100 Fund

3.50% n LVIP Western Asset Core Bond Fund

n LVIP T. Rowe Price Growth Stock Fund

3.50% n LVIP SSGA Bond Index Fund

n iShares Core US REIT ETF

3.00% n LVIP BlackRock Inflation Protected Bond Fund

n LVIP T. Rowe Price Structured Mid-Cap Growth Fund 1.00% n LVIP Global Income Fund

n LVIP SSGA International Index Fund

13.00% n LVIP PIMCO Low Duration Bond

n LVIP MFS International Growth Fund

6.00% n LVIP SSGA Short-Term Bond Index Fund

n LVIP SSGA Emerging Markets Equity Index Fund 6.00%

n LVIP Mondrian International Value Fund

4.00%

2.00% 2.00% 5.50% 5.50% 5.00% 2.28% 0.75% 0.50% 0.47%

LVIP U.S. Aggressive Growth Allocation Managed Risk Fund

TarUg.eSt.:E1q0u0i%ty equity

nFixUe.Sd. EInquciotyme

80%

n Fixed income

20%

n LVIP SSGA S&P 500 Index Fund

17.00%

n LVIP MFS Value Fund

14.00%

n LVIP T. Rowe Price Growth Stock Fund

14.00%

n LVIP SSGA Mid-Cap Index Fund

7.00%

n LVIP Wellington Mid-Cap Value Fund

6.00%

n LVIP T. Rowe Price Structured Mid-Cap Growth Fund 6.00%

n LVIP SSGA Small-Cap Index Fund

6.00%

n LVIP Baron Growth Opportunities Fund

4.00%

n LVIP SSGA Small/Mid Cap 200 Fund

3.00%

n iShares Core US REIT ETF

3.00%

n LVIP SSGA Bond Index Fund

5.75%

n LVIP Delaware Bond Fund n LVIP Western Asset Core Bond Fund n LVIP BlackRock Inflation Protected Bond Fund n LVIP PIMCO Low Duration Bond n LVIP SSGA Short-Term Bond Index Fund

5.50% 5.50% 2.30% 0.50% 0.45%

The allocations above are actual allocations as of March 31, 2018, and are subject to change.

The Fund's volatility management strategy is not a guarantee, and the shareholders may experience losses. Managed Volatility funds employ hedging strategies designed to reduce overall portfolio volatility. The cost of these hedging strategies could limit the upside participation of these funds in rising equity markets relative to unhedged funds.

With a little help from our friends: State Street Global Advisors

State Street Global Advisors (SSGA) is the investment management arm of State Street Corporation. With approximately $2.78 trillion in assets under management and over 100 geographical areas served worldwide as of December 31, 2017, it is one of the largest institutional asset managers in the world.

The LVIP Managed Volatility Funds use a proprietary risk overlay developed and managed by SSGA Funds Management, Inc., who is also a subadvisor to the funds.

SSGA provides comprehensive investment management across all major asset classes. Its extensive portfolio management and investment research expertise allows it to provide cost-effective, risk-managed investment services for sophisticated investors.

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