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LINCOLN DIRECTORSM GROUP VARIABLE ANNUITY



for the state of New York

Funds for Every Investment Style

Lincoln DirectorSM offers investment choices that meet a variety of investing needs and styles. The range of investments available gives employees an opportunity to diversify and helps employers meet fiduciary requirements under ERISA 404 (c). The availability of the investments listed below is based on the plan-specific lineup selected.

  • 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.
Domestic Equity
AllianceBernstein VPS Small/Mid Cap Value 2 SA #39
American Funds AMCAP Fund® SA #1A
American Funds American Mutual Fund® SA #1D
American Funds Fundamental InvestorsSM SA #1J
American Funds Growth Fund of America® SA #1K/48
American Funds Investment Company of America® SA #1N/49
American Funds New Economy Fund® SA #1P
American Funds Washington Mutual Investors FundSM SA #1U
BlackRock Capital Appreciation SA #81
BlackRock Equity Dividend SA #LF
BlackRock Large Cap Growth SA #LG
BlackRock Flexible Equity 2 SA #83
ColumbiaSMAcorn 2 SA #17
Delaware Small Cap Core 2, 22 SA #2C
Delaware VIP®Small Cap Value 2, 22 SA #56
Delaware VIP®Value 22 SA #61
DFA U.S. Small Cap  2 SA #4G
DFA U.S. Targeted Value  2 SA #4H
Dreyfus Opportunistic Midcap Value  2 SA #4B
Fidelity Advisor®New Insights® SA #4A
Fidelity®VIP Contrafund® SA #35
Fidelity®VIP Mid Cap 2 SA #84
Franklin Growth SA #58
Franklin Small Cap Growth 2 SA #4E
Franklin Mutual Shares VIP SA #2J
Invesco American Value SA #4C
Invesco Growth and Income SA #28
Invesco Small Cap Discovery 2 SA #76
Janus Aspen Enterprise 2 SA #64
LVIP Baron Growth Opportunities 2 SA #1X
LVIP Delaware Growth and Income  22 SA #11
LVIP Delaware Social Awareness 22 SA #33
LVIP Delaware Special Opportunities 2, 22 SA #L7
LVIP Dimensional U.S. Equity RPM  11, 24 SA #57
LVIP SSgA S & P 500 Index 4, 12 SA #27
LVIP SSgA Small-Cap Index 2, 4 SA #36
LVIP Vanguard Domestic Equity ETF 11, 18 SA #19
MFS®New Discovery  2 SA #4F
MFS®VIT Growth SA #65
MFS®VIT Utilities 5 SA #67
SSgA Russell All Cap Index Non-Lending Series 2, 4, 17
SA #23
SSgA Russell Large Cap Growth®Index Non-Lending Series 4, 17 SA #L9
SSgA Russell Large Cap Value®Index Non-Lending Series 4, 17 SA #L8
SSgA Russell Small Cap Growth Index Non-Lending Series 2, 4, 17 SA #LC
SSgA Russell Small Cap Value Index Non-Lending Series 2, 4, 17 SA #LB
SSgA Russell Small/Mid Cap Index Non-Lending Series 2, 4, 17 SA #24
SSgA S&P MidCap®Index Non-Lending Series 2, 4, 17 SA #LA
Wells Fargo Advantage®Discovery 2 SA #63
Wells Fargo Advantage Special Mid Cap Value  2 SA #4D
Fixed Income
American Century Investments®Inflation Adjusted Bond  6 SA #5D
American Funds American High-Income TrustSM 8 SA #1C
American Funds Bond Fund of AmericaSM 6 SA #1E
American Funds Capital World Bond Fund® 1, 6 SA #1G
American Funds Intermediate Bond Fund of America® 6 SA #1M
American Funds U.S. Government Securities FundSM 6 SA #1T
Delaware VIP®Diversified Income 6, 22 SA #93
Delaware VIP®Limited-Term Diversified Income 6, 22 SA #87
Eaton Vance Income Fund of Boston 8 SA #5F
Federated Government Ultrashort Duration  6 SA #14/4X
Franklin High Income 8 SA #20
Templeton Global Bond VIP 1, 6 SA #86
Guaranteed Account/Guaranteed Stable Value Account
JPMorgan Core Bond  6 SA #4Z
JPMorgan Core Plus Bond  6 SA #5A
LVIP BlackRock Inflation Protected Bond6 SA #92
LVIP Delaware Bond 6, 22 SA #12
LVIP SSgA Bond Index 4, 6 SA #L6
PIMCO Foreign Bond (U.S. Dollar-Hedged) 1, 6 SA #5G
PIMCO Income 6 SA #5C
PIMCO Real Return  6 SA #5E
PIMCO Short-Term  6 SA #4Y
PIMCO Total Return 6 SA #LM
T. Rowe Price New Income 6 SA #5B
International/Global Equity
AllianzGI NFJ International Value  1 SA #4N
American Funds Capital World Growth and Income FundSM 1 SA #1H
American Funds EuroPacific Growth Fund® 1 SA #1I/54
American Funds New Perspective Fund® 1 SA #1Q/34
American Funds New World Fund® 1, 2, 10 SA #1R
American Funds SMALLCAP World Fund® 1, 2 SA #1S/46
BlackRock Energy & Resources 5 SA #77
Delaware Emerging Markets1, 10, 22 SA #4Q
LVIP Mondrian International Value 1 SA #22
LVIP SSgA International Index 1, 4, 20 SA #L5
LVIP Templeton Growth RPM 1, 24 SA #62
LVIP Vanguard International Equity ETF 1, 11, 18 SA #59
MFS®Global Equity 1 SA #4R
MFS®International Growth 1 SA #4J
MFS®International Value 1 SA #4P
MFS®Research International 1 SA #4M
Oppenheimer Developing Markets 1, 10 SA #94
Oppenheimer International Growth 1 SA #4L
Other/Target Date Funds
American Funds 2010 Target Date Retirement Fund® 10, 19 SA #5H
American Funds 2020 Target Date Retirement Fund® 10, 19 SA #5J
American Funds 2030 Target Date Retirement Fund® 10, 19 SA #5K
American Funds 2040 Target Date Retirement Fund® 10, 19 SA #5L
American Funds 2050 Target Date Retirement Fund® 10, 19 SA #5M
LVIP Delaware Foundation®Aggressive Allocation 7, 22, 28 SA #97
LVIP Delaware Foundation®Conservative Allocation 7, 22, 28 SA #95
LVIP Delaware Foundation®Moderate Allocation 7, 22, 28 SA #96
LVIP Managed Risk Profile 2010 11, 19, 23 SA #L1
LVIP Managed Risk Profile 2020 11, 19, 23 SA #L2
LVIP Managed Risk Profile 2030 11, 19, 23 SA #L3
LVIP Managed Risk Profile 2040 11, 19, 23 SA #L4
LVIP Managed Risk Profile 2050 11, 19, 23 SA #LL
Vanguard Target Retirement 2010 11, 19 SA #V1
Vanguard Target Retirement 2020 11, 19 SA #V2
Vanguard Target Retirement 2030 11, 19 SA #V3
Vanguard Target Retirement 2040 11, 19 SA #V4
Vanguard Target Retirement 2050 11, 19 SA #V5
Other/Balanced Funds
American Funds American Balanced Fund® 7 SA #1B
American Funds Capital Income Builder® 7 SA #1F
American Funds Income Fund of America® 6 SA #1L
BlackRock Global Allocation 1, 7 SA #LE
Franklin Balanced7 SA #2R
Franklin Income VIP7 SA #2I
SSgA Real Asset Non-Lending Series 5, 17 SA #LD
Vanguard LifeStrategy® Conservative Growth7, 11 SA #30
Vanguard LifeStrategy® Growth 7, 11 SA #32
Vanguard LifeStrategy® Moderate Growth7, 11 SA #21
Other/Specialty Funds
Goldman Sachs Commodity Strategy5, 15 SA #4U
LVIP Clarion Global Real Estate1, 5, 9 SA #55
Morgan Stanley Institutional Fund, Inc. U.S. Real Estate5, 9 SA #4S
PIMCO CommodityRealReturn Strategy5, 15 SA #4W
Vanguard REIT Index4, 5, 9 SA #4T
Other/Stadion Profiles
Managed Principal Protection Portfolio
Stadion Managed Conservative SA #TC
Stadion Managed Growth SA #TG
Stadion Managed Moderate SA #TM
Stadion Managed Capital Appreciation SA#TP
Stadion Managed Balanced SA#TB
Stadion Managed Maximum Growth SA#TT


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.

To learn more about Lincoln DirectorSM please contact your Lincoln representative.

IMPORTANT DISCLOSURES:

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

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

3Money Market Funds
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.

4Index
An index is unmanaged, and one cannot invest directly in an index. Indices do not reflect the deduction of any fees.

5Sector Funds
Funds that target exposure to one region or industry may carry greater risk and higher volatility than more broadly diversified funds.

6Bond Portfolios
The return of principal in bond portfolios is not guaranteed. Bond Portfolios have the same interest rate, inflation, credit, duration, prepayment and market risks that are associated with the underlying bonds owned by the fund (or account).

7Asset Allocation Portfolios
Asset allocation does not ensure a profit, nor protect against loss in a declining market.

8High Yield or Mortgage Backed Portfolios
High yield portfolios may invest in high-yield or lower rated fixed-income securities (junk bonds) or mortgage-backed securities, with exposure to sub-prime mortgages, which may experience higher volatility and increased risk of non-payment or default.

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

10Emerging Markets
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, all of which are magnified in emerging markets.

11Fund of Funds
Each 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. Each Fund invests its assets in a number of underlying funds. From time to time, the Fund's adviser may modify the asset allocation for the underlying funds in which each Fund invests including the addition of new funds. A Fund's actual allocation may vary from the target strategic allocation at any point in time. Additionally, the Fund's adviser may also manage assets of the underlying funds directly for a variety of purposes.

12 S&P
The Index this portfolio is managed to (the "Index") is a product of S&P Dow Jones Indices LLC ("SPDJI") and has been licensed for use by one or more of the portfolio's service providers ("Licensee"). Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI. S&P®, S&P GSCI® and the Index are trademarks of S&P and have been licensed for use by SPDJI and its affiliates and sublicensed for certain purposes by Licensee. The Index is not owned, endorsed, or approved by or associated with any additional third party. Licensee's product(s) is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, or their third party licensors and none of SPDJI, Dow Jones, S&P nor their respective affiliates or third party licensors make any representation regarding the advisability of investing in such product(s).

13Feeder Funds
This fund operates under a Master-Feeder structure. The fund invests all its assets in a separate mutual fund (the Master Fund) which in turn purchases investment securities. Funds of this nature may be more expensive than other investment options. Performance 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.

14SA14
An 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 the 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.

15Commodities
Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities, particularly if the investments involve leverage. 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. A Commodities fund may be non-diversified, which can mean it may incur greater risk by concentrating its assets in a smaller number of issuers than a diversified fund.

16Cash Management Funds
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.

17Collective Trusts
Collective trusts are non-deposit investment products, which 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.

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

19Target Date Funds
The target date is the approximate date when investors plan to retire or start withdrawing their money. Some target date funds make no changes in asset allocations after the target date is reached; other target date funds continue to make asset allocation changes following the target date (see prospectus for the fund's allocation strategy). The principal value is not guaranteed at any time, including at the target date.

20MSCI Disclosure
The fund described herein is indexed to an MSCI® index. 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.

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

22Delaware Investments
Investments in Delaware Investments VIP Series, Delaware Funds, LVIP Delaware Funds or Lincoln Life accounts managed by Delaware Investment Advisors, a series of Delaware Management Business Trust, are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46008 583 542 and its holding companies, including their subsidiaries or related companies, and are subject to investment risk, including possible delays in prepayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Series or Funds or accounts, the repayment of capital from the Series or Funds or account, or any particular rate of return.

23Risk Management Strategy
The Fund's risk management style is not a guarantee, and the Fund's shareholders may experience losses. The Fund employs hedging strategies designed to provide for downside protection during sharp downward movements in equity markets. The cost of these hedging strategies could limit the upside participation of the Fund in rising equity markets relative to other un-hedged funds.

24Managed Volatility Strategy
Fund's Managed Volatility strategy is not a guarantee, and the Fund's shareholders may experience losses. The Fund employs hedging strategies designed to reduce overall portfolio volatility. The cost of these hedging strategies could limit the upside participation of the Fund in rising equity markets relative to un-hedged funds.

25Alternatives Funds
Certain funds (sometimes called "alternative funds" expect to invest in (or may invest in some) positions that emphasize alternative investment strategies and/or non-traditional asset classes and, as a result, are subject to the risk factors of those asset classes and/or investment strategies. Some of those risks may include general economic risk, geopolitical risk, commodity-price volatility, counterparty and settlement risk, currency risk, derivatives risk, emerging markets risk, foreign securities risk, high yield bond exposure, index investing risk, exchange traded notes risk, industry concentration risk, leveraging risk, real estate investment risk, master limited partnership risk, master limited partnership tax risk, energy infrastructure companies risk, sector risk, short sales risk, direct investments risk, hard assets sectors risk, active trading and "overlay" risks, event driven investing risk, global macro strategies risk, temporary defensive positions and large cash positions. If you are considering investing in alternative investments funds, you should ensure that you understand the complex investment strategies sometimes employed, and be prepared to tolerate the risks of such asset classes. For a complete list of risks, as well as a discussion of risks and investment strategies, please refer to the funds' prospectus. The Fund may invest in derivatives, including futures, options, forwards and swaps. Investments in derivatives may cause the Fund's losses to be greater than if it invested only in conventional securities and can cause the Fund to be more volatile. Derivatives involve risks different from, or possibly greater than, the risks associated with other investments. The Fund's use of derivatives may cause the Fund's investment returns to be impacted by the performance of securities the Fund does not own and result in the Fund's total investment exposure exceeding the value of its portfolio.

26Dow Jones
Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). The trademark has been licensed to S&P Dow Jones Indices LLC and have been sublicensed for use for certain purposes by First Trust Advisors L.P. 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.

27S&P EWI
Standard & Poor's®," "S&P®," "Standard & Poor's Equal Weight Index," "S&P EWI," "S&P 500®," "Standard & Poor's 500" and "500" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by the Invesco V.I. Equally-Weighted S&P 500 Fund. The fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investing in the fund.

28Multi-Manager Funds
Subject to the Fund's Board approval, Lincoln has the right to engage or terminate a money manager at any time and without a shareholder vote, based on an Exemptive order from the Securities and Exchange Commission. While the investment styles employed by the Fund's money managers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.

29Private Equity
The Fund is subject to certain underlying risks which affect the listed private equity companies in which the Fund invests and could include but are not limited to, additional liquidity risk, industry risk, non-U.S. security risk, currency risk, valuation risk, credit risk, managed portfolio risk and derivatives risk. There are inherent risks in investing in private equity companies, as generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed investment decision. Listed private equity companies may have relatively concentrated portfolios which may lead to more volatility. Certain Fund investments may be exposed to liquidity risk due to low trading volume, lack of a market maker or legal restrictions limiting the availability of the Fund to sell particular securities at any given price and/or time. As a result these securities may be more difficult to value.


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

The Lincoln DirectorSM is a group variable annuity contract issued by The Lincoln National Life Insurance Company, Fort Wayne, IN on policy form #19476 7/94 and variations thereof. It is distributed by Lincoln Financial Distributors, Inc., a broker-dealer.

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


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Hello future.
Lincoln Financial Group is the marketing name for Lincoln National Corporation and insurance
company affiliates, including The Lincoln National Life Insurance Company, Fort Wayne, IN,
and in New York, Lincoln Life & Annuity Company of New York, Syracuse, NY. Variable products
distributed by broker/dealer-affiliate Lincoln Financial Distributors, Inc., Radnor, PA. Securities
and investment advisory services offered through other affiliates. Explore Lincoln.


The Lincoln Director(SM) is a group variable annuity issued by Lincoln Life & Annuity Company of New York, Syracuse, NY, on policy form #19476NY-A 7/04 and is distributed by broker-dealers with effective selling agreements.
Lincoln Life & Annuity Company of New York is solely responsible for its own financial condition and contractual obligations.
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