EXHIBIT 28(L)
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PURCHASE AGREEMENT
Purchase Agreement dated as of October 27, 2011 between Lincoln Advisors
Trust, a business trust organized under the laws of the State of Delaware (the
"Trust") on behalf of the Presidential Protected Profile 2010 Fund,
Presidential Protected Profile 2020 Fund, Presidential Protected Profile 2030
Fund, Presidential Protected Profile 2040 Fund and Presidential Protected
Profile 2050 Fund (the "Funds") and The Lincoln National Life Insurance
Company, an Indiana insurance company ("Lincoln Life").
WHEREAS, the Trust has filed a Registration Statement with the Securities
and Exchange Commission ("SEC"), that is not yet effective, to become an
investment company under the Investment Company Act of 1940, as amended; and
WHEREAS, the Trust proposes to issue and sell shares of the Funds'
beneficial interest, without par value, to the public pursuant to that
Registration Statement on Form N-1A (the "Registration Statement") filed with
the SEC;
NOW, THEREFORE, the Trust and the Lincoln Life agree as follows:
1. The Trust on behalf of the Funds offers to sell to Lincoln Life, and
Lincoln Life agrees to purchase from the Funds, such number of shares of
beneficial interest in the Class A, Class C and Class I shares offered by the
Funds (the "Shares") as specified in the attached allocation schedule, on a
date specified by the Trust, prior to the effective date of the Registration
Statement, each Share to be purchased at a net asset value of $10 (with no
sales charges or other commissions).
2. Lincoln Life acknowledges that it is aware that the Shares are not yet
registered under the Securities Act of 1933, as amended.
3. Lincoln Life represents and warrants to the Trust that Lincoln Life is
acquiring Shares for investment purposes only and not with a view to resale or
further distribution.
4. Lincoln Life's right under this Purchase Agreement to purchase the Shares
is not assignable.
IN WITNESS WHEREOF, the Trust and Lincoln Life have caused their duly
authorized officers to execute this Purchase Agreement as of the date first
above written.
THE LINCOLN NATIONAL LIFE INSURANCE
COMPANY
By: /s/ Xxxxx Xxxxxx
Name: Xxxxx Xxxxxx
Title: Senior Vice President
LINCOLN ADVISORS TRUST
on behalf of the Funds
By: /s/ Xxxxxxx X. Xxxxx
Name: Xxxxxxx X. Xxxxx
Title: Chief Accounting
Officer
SCHEDULE A
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FUND SHARES OF BENEFICIAL INTEREST
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Presidential Protected Profile 2010 Fund
Class A 1,000
Class C 1,000
Class I 198,000
Presidential Protected Profile 2020 Fund
Class A 1,000
Class C 1,000
Class I 198,000
Presidential Protected Profile 2030 Fund
Class A 1,000
Class C 1,000
Class I 198,000
Presidential Protected Profile 2040 Fund
Class A 1,000
Class C 1,000
Class I 198,000
Presidential Protected Profile 2050 Fund
Class A 1,000
Class C 1,000
Class I 198,000
